Short Sale Negotiation
Attempting a short sale is a complicated process that should be done only
by an experienced professional. A short sale that has been negotiated
improperly may result in even greater long term problems than an underwater
property owner was facing before the short sale. At The Edwards Law Firm,
PL, we will work to negotiate a short sale approval, which includes a
waiver of the deficiency, to enable you to move forward toward a brighter future.
The most important part of a short sale is the negotiations that take place
with the lender relating to the terms of the lender's acceptance of
the short sale. Most short sale negotiations that are conducted by realtors
or other non-lawyers result in only a release of the property from the
mortgage lien to allow its sale. At The Edwards Law Firm, PL, we go that
extra step to negotiate a waiver of the deficiency to assure that the
lender or a collection company will not pursue you for more money to satisfy
the debt. Although your real estate problems may make you feel as though
there is no way out, there are legal tools that can be utilized to improve
your situation and assist you with closing this chapter of your life.
Second Mortgage Short Sale Negotiation
Second mortgages were granted in large numbers during the real estate boom. Many property
owners took out second mortgages to purchase an investment property, to
obtain 100 percent financing on a home purchase or to pay off other debt.
Second Mortgages may have provided relief during difficult financial times
for some homeowners in the past; however dealing with a second mortgage
can become extremely burdensome. Unable to pay one mortgage, let alone
both the first and second mortgage, it can be confusing for the homeowner
to know how to best resolve a threat of foreclosure. You deserve legal
representation that could help you finalize the matter and move forward
with your life unburdened.
Often a second mortgage lender will be more difficult to negotiate with
because they will also obtain little to nothing in the short sale. When
the short sale process is handled by a qualified attorney, it could enable
you to be freed from both the first and second mortgage obligations. We
are here to assist you and answer any questions you may have about the
short sale process. The issue of your second mortgage will take skillful
negotiations to ensure that you do not owe a deficiency on either the
first or second mortgage after the short sale is complete.
Short Sale Negotiator Regulations (MARS)
"Mortgage modification" firms are scammers that seek to prey
on desperate individuals that have underwater mortgages. Mortgage terms
and documents can be confusing and dishonest "mortgage assistance
relief companies" may try to take advantage of those that are vulnerable.
Recent regulations have been implemented to protect homeowners from these
unscrupulous companies. The Federal Trade Commission has enacted a regulation
called the Mortgage Assistance Relief Services Rule (MARS) that bans non-lawyer
providers of mortgage foreclosure avoidance services from collecting an
advanced fee for their work. These new rules also require mortgage relief
companies to disclose information that is important to the borrower such
as the fact that they are not associated with the government and that
their services have not been approved by the government.
Although MARS does not prohibit real estate agents from negotiating short sales, no
short sale or
foreclosure defense should be undertaken without the assistance of an attorney licensed in
the state of Florida. At The Edwards Law Firm, PL, we have the credentials
and qualifications to guide our clients through the complexities of short
sales, to address the threat of
foreclosure and use an alternative to bankruptcy. Having a seasoned
Sarasota foreclosure defense attorney at your side during the short sale process can greatly improve the terms
of the negotiation. Our lead attorney, Sheryl A. Edwards, is a
Board Certified Real Estate Expert and is personally qualified to negotiate with lenders and seek to free
clients from burdensome debt. Don't allow yourself to be taken advantage
of by those that would like to profit on your vulnerable condition. Contact
Attorney Sheryl A. Edwards
to better understand your short sale situation and the federal regulations of MARS.