What is a Short Sale?
A short sale is when the bank agrees to let you sell the home for less than the remaining balance on the home. The remainder of the mortgage may then be “forgiven” and you avoid the foreclosure defense process as well as the affect that it has on your credit.
The steps you must take in order to obtain a short sale in Daytona, Ocala and throughout Florida are lengthy and time consuming. You must ask the bank if you are eligible for a short sale, attempt to sell, and assure that the potential buyer understands that closing on the home will be longer than a typical sale and then you must wait for the bank to approve the short sale. During all of these steps, you will be filling out a massive amount of paperwork. At the end of the short sale process contracts must be reviewed and executed by all parties to the short sale transaction.
The only way to assure that you are obtaining a short sale properly is to seek counsel from your local, qualified short sale attorney. In a perfect world, you would obtain their counsel before attempting a short sale to help with the negotiations of even being allowed to short sale your home. Simply seek out an experienced attorney and ask for a free consultation about the possibility of a short sale. This will give you better insight on what to expect with the process and give you a better understanding of what exactly a short sale is all about.
You may also qualify for HAFA, a government assisted short sales program designed to help you transition to a home you can afford.
You May Be Eligible to Sell Your Home In a Short Sale, If:
- you have a hardship, such as a job loss, divorce or medical emergency
- you owe more than your house is worth
- you are unable to afford your current monthly mortgage payment
- you are unable to modify your current home loan
Step 1: Call us and we will work with you to explore any options that may be available to help you stay in your home. The sooner you work with us, the more options you may have available.
Step 2: After all other options have been exhausted and you have decided a short sale is right for you, we recommend working with a licensed real estate agent who can assist you in listing your home for sale (we can assist in referring a short sale agent in your area)
Step 3: Once you receive an offer, we will begin working to gain approval of your short sale request from all necessary parties. If all parties agree to the terms of the offer (buyer, seller, and any other debt holders), your short sale offer will be approved. Remember, a short sale approval may take longer than getting a traditional mortgage approved. Once your loan has closed, the proceeds are paid according to the terms of the agreement.
Short Sales in Daytona, Florida
Like a loan modification, a short sale in Daytona Beach, Florida is used to help you avoid a possible foreclosure when you are going through a financial hardship. A financial hardship can be categorized as a job loss, medical issues or simply being buried under your bills. In order to obtain a Short Sale in Florida, as method of avoiding foreclosure, you must jump through many hoops, fill out many forms and have a lot of patience. One way to assure that you are obtaining and moving through the short sale process correctly is to seek the advice of a qualified short sale lawyer in Daytona, Ocala or throughout Florida. A short sale attorney can assure that your lender is moving your file through the short sale process without delay and that you have proper legal representation when it comes to signing any documents.