West Palm Beach Short Sale Lawyer
Real Estate Attorney for Short Sales in Palm Beach, Boca Raton, West Palm Beach, Jupiter, Delray Beach, and Boynton Beach, FL
If you are having trouble keeping up with your mortgage payments as a person who owes more on the home than it is worth on the open market, you may want to consider a short sale. This course of action can be the best solution for some individuals, and we have the ability to advocate your interests every step of the way if you come to the conclusion that a short sale is right for you.
In most instances, before you approach the loss mitigation department of your mortgage lender to request a short sale approval, you will need to have a buyer in place that has made an offer. You then fill out the required paperwork, and if all goes well, the short sale will be approved and you can move on free of this encumbrance.
Though you will rid yourself of your mortgage after a short sale, there is the matter of the deficiency. This is a term that is used to describe the difference between the selling price and the amount that you actually owed the lender via the original agreed-upon terms of the mortgage.
In the state of Florida, it is possible for the mortgage lender to seek recovery of this deficiency through the initiation of a legal action. This is one of the reasons why it is important to retain a real estate attorney if you are interested in a short sale as a foreclosure defense solution. We can help if you are in fact targeted, but we can also act preemptively with your interests in mind. The terms of the short sale agreement could include a stipulation that prevents the mortgage lender from seeking recovery from you to account for the deficiency.
We Are Here to Help!
You should certainly act in a fully informed manner when you are devising a foreclosure defense strategy. A short sale may be the right choice for you, and we would be more than glad to review your situation and represent you going forward if you decide to proceed. Our firm offers free case evaluations to people in Boca Raton, Palm Beach, Boynton Beach, and other nearby communities. If you would like to schedule an appointment, give us a call at 561-275-1500.