What Is A Short Sale?

What is a Short Sale?

A 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. Contact us today.

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