Looking for sort sale advice? Florida foreclosure defense attorney, Roy Oppenheim, gives short sales legal advice to homeowners looking for solutions to save their homes
In the Florida foreclosure process homeowners’ long-term options include: mortgage modification, deed in-lieu, bankruptcy, and short sales. Oppenheim Pilelsky, Florida foreclosure law firm, can help you put a halt on Florida foreclosure in addition to guidance through your long-term ownership options.
The Florida short sale option applies for Florida foreclosure families that do not want to stay in their home because they want to scale down, move, or maybe need a larger home. The Florida foreclosure option here involves hiring a realtor and listing the home on the market for its current value. However, if the mortgage balance exceeds the sales price, the homeowner will not have enough money at closing to pay the bank; hence, the sale is “short.”
Once the house is sold, the bank will have to agree to the “short sale,” which does not always happen. In order to complete a short sale, families in risk of foreclosure need a realtor and a Florida foreclosure attorney that is experienced in short sales.
The foreclosure attorneys at Oppenheim Pilelsky are experienced in Florida real estate law, including short sales. Through dealing with numerous banks over the years, our Florida foreclosure attorneys will sort through the factors that the bank will consider including: the homeowner’s hardship and income, appraised value of the home, the equity the bank would obtain at a foreclosure sale, in addition to the cost they would incur if they have to “carry the property” after the sale.
The important thing to note for Florida short sales is that if the homeowner can not show true hardship, the bank will expect the homeowner to bring the excess cash to closing, which leaves the homeowner to be the one making up the “short” at closing. However, the benefit of a short sale is that once the house is sold, it’s sold. The homeowner is done with the bank, and the bank is done with the homeowner.
Contact Oppenheim Pilelsky foreclosure lawyers today for more information on our foreclosure defense and short sale options.