What is a Short Sale?
short sale is a sale of real estate in which the proceeds from the sale are less
than the balance of the outstanding mortgages. When a homeowner who is
selling a property cannot possibly meet the mortgage obligation, a
short sale could be the best option. In a short sale, the homeowners must reach an
agreement with the lienholders on the amount of the debt that will be repaid.
What are the Benefits of a Short Sale?
A short sale allows the homeowner to retain control over their underwater
mortgage problem by negotiating their best deal with a buyer and then
negotiating the terms of its acceptance with the lender, including a waiver
or settlement of the deficiency. Once the agreement is reached, the lienholders
release their lien on the real estate and ideally, the homeowners are
freed from their debt and the mortgage.
If a homeowner does not like the terms of the short sale acceptance - for
example, the lender requires a payment to settle the deficiency balance
that is more than the homeowner can afford - then the homeowner can cancel
the short sale contract with no further obligation.
Attorney Sherry A. Edwards can often identify excellent opportunities to fight foreclosure for our
clients, and can assist in negotiating a short sale that protects your
rights as well as advise you of the other options you may have available.
We take every step to ensure that you fully understand all the risks and
the benefits of any action taken in cases of short sales of underwater
property. A properly negotiated and completed short sale will benefit
you and your family, allowing you to move on with your life.
This process can be carried out successfully with the help of a Sarasota
foreclosure defense attorney.