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<\/p>\nIf you are a homeowner experiencing financial hardship and struggling to pay your mortgage, you need to act quickly to avoid foreclosure. An experienced\u00a0short sale attorney<\/strong>\u00a0can help you explore your options and ensure that your best interests are protected during this distressing period. While entering into a short sale agreement will still mean losing your home, it is much better than going through the foreclosure process. With a trusted short sale attorney representing you, you can negotiate a favorable outcome that allows you to move on with your life.<\/p>\n Most homeowners enter into a mortgage agreement to buy their home and are required to make monthly mortgage repayments to their lender until the mortgage is fully repaid. If a homeowner (the borrower) fails to keep up with their mortgage payments \u2013 whether due to job loss, illness, or another source of financial distress \u2013 their lender has the right to commence foreclosure proceedings.\u00a0Home foreclosure<\/a>\u00a0is essentially the process through which the lender attempts to recover the amount outstanding on the mortgage by selling the mortgaged property at an auction.<\/p>\n Generally, lenders will commence foreclosure proceedings when the borrower has missed three mortgage payments, although some commence proceedings after a single missed payment. They may file a document called a \u2018notice of default\u2019 at the county recorder, officially notifying the borrower that they are in default and setting out the timeframe they have to catch up on missed repayments before further action is taken. If you have received a notice of default, you must contact an experienced attorney immediately. They will advise you on your options for avoiding foreclosure and arranging a more favorable solution to your financial predicament.<\/p>\n A short sale occurs when a homeowner, with the agreement of their lender, sells their property for an amount that is less than the amount outstanding on their mortgage (i.e. the sale falls \u2018short\u2019 of settling the loan balance). For example, if you default on your mortgage and still owe $200,000, and you find a purchaser who agrees to buy your home for $170,000, your lender may agree to the sale and release you of your obligation to pay the remaining $30,000. Some homeowners also negotiate short sales when the value of their home has dropped and they want to sell the property quickly without waiting for property prices to recover.<\/p>\n Negotiating a short sale is one of the main ways that homeowners can avoid foreclosure on their home. A major advantage of entering into a short sale agreement to avoid foreclosure is that you as the homeowner will remain in control of the sale process (whereas during foreclosure, you lose all control to the lender). A further advantage is that short sales typically have a less severe impact on your creditworthiness, whereas a foreclosure can be very damaging to your credit score. Foreclosures also remain on your credit record longer than short sales do, so they have a greater impact on your financial future. Short sales also tend to involve lower fees and costs for both the borrower and lender than foreclosures do.<\/p>\n However, concluding a short sale agreement takes legal finesse: there are several pitfalls to be avoided, and securing your lender\u2019s agreement can be very challenging. Hiring a\u00a0skilled short sale attorney<\/a>\u00a0is a must if this is an option you are considering.<\/p>\n Short sales are complex legal transactions that involve multiple processes and require a range of skills to be executed successfully. Your attorney will play a vital role throughout the short sale process.<\/p>\n A short sale is only possible if your lender agrees to it. Obtaining your lender\u2019s approval is usually the biggest stumbling block to effectively concluding a short sale agreement, and it takes a seasoned negotiator to get a deal over the line. Your short sale attorney will put together a short sale package for your lender\u2019s consideration, and negotiate the forgiveness of the debt remaining on your mortgage. If you conclude a short sale without your lender\u2019s agreement to forgive the remaining debt, they are entitled to go to court and obtain something called a \u2018deficiency judgment\u2019 against you. This means that you will still be liable to your lender for the amount outstanding on your mortgage after the short sale, and your lender may be able to execute against your other assets to recover the outstanding amount.<\/p>\n There are a number of legal risks involved in short sales (and in property transactions more generally). A skilled attorney will protect your interests by negotiating a short sale agreement that is legally binding and favorable to you as the seller, ensuring that the sale meets the strict requirements of\u00a0Florida real estate law<\/a>. They will also conduct a thorough due diligence of the buyer, and help you to limit your potential liability if the transaction falls through for reasons beyond your control. Your attorney should also advise you on the potential tax implications of concluding a short sale agreement, and refer you to a tax specialist if necessary.<\/p>\n Your short sale attorney will need to draft and review highly technical legal contracts to facilitate your short sale. Significant paperwork is involved in any property transaction, but short sales involve an even greater administrative burden. Your attorney will take care of all contract drafting and preparation, file the necessary documentation at the county clerk\u2019s office, and manage all correspondence with the lender\u2019s and buyer\u2019s attorneys. They will also ensure that the short sale progresses as quickly as possible and take care of any legal or administrative hurdles as they arise.<\/p>\n Short sale attorneys are generally excellent advisors for anyone facing foreclosure proceedings because they have a wealth of experience in negotiating with lenders on behalf of homeowners. Even if your lender does not agree to a short sale, your attorney can help you negotiate an alternative arrangement that will avoid foreclosure, such as a mortgage workout, loan reinstatement, or deed-in-lieu of foreclosure.<\/p>\n The team at the Law Offices of Gary I. Handin, P.A., has helped hundreds of South Florida families avoid foreclosure and successfully negotiate short sale agreements with their lenders. Our short sale attorney has several decades of experience in\u00a0real estate law<\/a>\u00a0and foreclosure defense and represents clients facing foreclosure with compassion and care.<\/p>\nWhat Is Home Foreclosure?<\/span><\/h2>\n
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<\/a><\/figure>\nWhat Is A Short Sale?<\/span><\/h2>\n
<\/a><\/figure>\nWhat Are The Advantages Of A Short Sale?<\/span><\/h2>\n
What Is The Role Of A Short Sale Attorney?<\/span><\/h2>\n
<\/a><\/figure>\nNegotiation<\/span><\/h3>\n
Risk Mitigation<\/span><\/h3>\n
Documentation<\/span><\/h3>\n
General advice<\/span><\/h3>\n
An Experienced Short Sale Attorney Can Help You To Avoid Foreclosure In Coral Springs<\/span><\/h2>\n
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