Should you consider a Short Sale over a Foreclosure?
Clermont, Lake County and the entire Central Florida region have been hit by plunging home values in the recent recession. These dropping values along with job losses have led many homeowners to severe difficulties in paying their mortgages and in turn in being able to sell their homes to get out of the tremendous debt caused by lowering values.
When a homeowner can no longer pay their mortgage, their home can then be foreclosed on by their lender. However, a short sale can be more beneficial to a homeowner and a lender. Mortgage lenders can recover a portion of the amount they are owed, and homeowners can remove a great deal of their debt.
Whichever route you take, having an experienced attorney on your side to help you weigh your options when deciding on a short sale or foreclosure is a smart move. The Boyette, Cummins and Nailos Law Firm has experienced attorneys well versed in the Florida Financial Laws who can help you make that decision. We’ve handled hundreds of foreclosure and short sale cases in Clermont and throughout Central Florida and we can put that experience to use for you.
Short Sales can prevent Foreclosures
Homeowners and lenders can find many advantages in short sales. For homeowners, foreclosures can make it almost impossible to borrow funds for major purchases like another home or automobile. Banks also lose money on foreclosures because they lower sale prices and they must allocate funds to handle the foreclosure process.
Since a short sale allows the homeowners to find a buyer for the property at a cost much lower than what is owed, it allows the lender to remove much of the amount it is due and the borrower to lower what they owe. The remaining balance can be negotiated in a way that does not provide as much of a future black mark against the borrower. In some cases, the remaining debt may be forgiven altogether.
Deciding the best course between foreclosure or short sale can be very confusing. Laws regarding the administering of each have changed in just the last few years as the problems with home values have become worse throughout Central Florida.
Know your rights regarding short sales and foreclosures in the State of Florida. The attorneys at the BCN Law Firm can help you understand what’s at stake when you can no longer make your mortgage payments. The earlier you call a short sale and foreclosure attorney at BCN the more options you will have on the table and the better chance you will have to come out of the situation with the best possible outcome. Contact us today at (855)-LAW-2020.