How to Handle an Underwater Mortgage
The Florida housing market has suffered some of the greatest damage in the wake of the bursting of the housing bubble, and the average home value has declined by 40 percent. This has left countless homeowners with mortgages that are upside-down, worth less on the real estate market than the owners still have to pay on the home loan. In fact, nearly half of all home mortgages in Florida are underwater. When you purchased your home, you probably did so with the confident expectation that you were making a sound investment in your future. Real estate is the largest purchase most people will ever make, and ideally it is one that will not only provide a stable place to live and build a life, but which will also end up as a valuable asset which can be used to obtain future loans and to pass wealth on to the next generation. Underwater mortgages destroy this dream.
If you find yourself in this difficult situation, you may feel like there is no way out. You may be stuck paying for a mortgage that you cannot afford, and you might be facing a future in which it will take you seemingly forever to build equity in your home. Contact a Short Sale attorney at The Law Offices of Justin McMurray, P.A. now for a free case evaluation to learn whether you may be able to find a solution by hiring an Ocala foreclosure defense attorney to help you pursue a short sale.
Brief Explanation of Short Sales
In a short sale, the bank agrees to allow you to sell your home at the highest price it will fetch on the real estate market, even if this amount is less than what you still owe. Instead of suing you to hold you liable to pay the remaining balance of the loan, the bank agrees to waive the deficiency. A short sale will cause damage to your credit, since banks will usually not consider an offer until the borrower has already defaulted on the mortgage, but you will be able to avoid having the foreclosure entered on your credit report.
Proven Short Sale Negotiations in Ocala
When you work with us, you will have an attorney who has more than a decade of experience on your side. We have had success in negotiating with nearly every bank and lender in the area, so you can have confidence in our ability to effectively handle your case. We can work with your listing real estate agent to coordinate the process and seek a buyer, and will do everything we can to make the process as smooth and stress-free as possible. In the event that the bank refuses to approve the short sale, we can help you pursue alternative strategies such as bankruptcy, deed in lieu or using proven foreclosure defense strategies to fight the case in court.