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Individual Debt Settlement: Short Sale Lawyer in Orlando, Florida
Benkiran Law is a short sale lawyer in Orlando, Florida who can help you avoid foreclosure if you are unable to make mortgage payments and if the value of your home is worth less than the amount of money you owe on your mortgage. A short sale is usually a last resort for home owners, and is generally used when other options, such as loan modification, bankruptcy, or the sale of the home on the real estate market are not an option. Short sales usually make sense during a recession when the value of homes decreases, putting some home owners underwater. Is a short sale on your home the right option for you? Benkiran Law is a short sale lawyer in Orlando, Florida who may be able to help you negotiate the short sale process, or help you find better alternatives to a short sale, including individual debt settlement.
Short Sale or Put My Home on the Market?
If you have fallen behind on mortgage payments or if you anticipate that you will fall behind on mortgage payments, you may have the option of selling your home to avoid losing your home to foreclosure. Whether you sell your home in the traditional way or sell your home on a short sale will depend on the value of your home and how much you owe on your mortgage. So, when should you sell and when should you use a short sell?
- Selling your home to avoid foreclosure. If you have fallen behind on mortgage payments or if you anticipate that you may fall behind, you may have the option of selling your home. If the value of your home is more than the amount you owe on your mortgage, or if you have equity in your home, you may be able to sell the home, pay the mortgage, and in some cases, come out of the deal with cash on hand. However, if you anticipate that you will miss payments or may be late on payments, you should always contact your lender before you place your home on the market. Don’t ignore calls and letters from your lender, either. Your lender may be able to work with you to delay foreclosure if it knows you are putting your house on the market. Trying to sell a house that is in active foreclosure can be impossible or difficult, so if you plan to put your home on the market to prevent foreclosure, contact Benkiran Law, a short sale law firm in Orlando, Florida today. Even if you are not selling your home in a short sale, you may need to contact your lender before selling your home, especially if you are having trouble paying your mortgage.
- Short sales. A short sale should be initiated only if the value of your home is less than what you owe for your mortgage. The bank must agree to the short sale and agree to accept payment for less than you owe for the mortgage upon selling the home. Unlike selling your home to prevent foreclosure, the bank may play a role in every aspect of your short sale, from reviewing any offer from buyers, to approving final offers. The process of short selling a home can be complicated, so many individuals hire a lawyer to help them with the process. Benkiran Law is a short sale lawyer in Orlando, Florida who may be able to help you with the short sale process.
A short sale or sale of your home may not be the only option you have to prevent foreclosure. You might be able to work out a loan modification with your lender, or ask your lender for other options. Benkiran Law is a short sale law firm in Orlando, Florida who can review your situation and help you decide whether a short sale if the best option for you.
The Short Sale Process in Florida: Explained
How does a short sale work? Generally, before you put your home on the market, you’ll talk to your lender about your options for preventing foreclosure or options for loan modification. If a short sale is the best option, you’ll put your home on the market, like you would for any home sale. However, before you can accept an offer for your home, your lender must approve the offer. After all, the amount of the sale will be the amount of money the lender will receive to pay off the mortgage. Generally, the bank will do a cost-benefit analysis. Can the bank make more money by foreclosing or by accepting the best short sale offer? Before the bank accepts the short sale offer, the bank may also require you to submit documents showing a financial hardship and submit a letter explaining your situation. The bank may also appraise the home to ensure that the offer you received is a fair one.
The process of selling a home in a short sale can be complex. Benkiran Law is a short sale lawyer in Orlando, Florida who may be able to assist you with the paperwork and the process. Contact our firm today to learn more about your options and rights.
Short Sale Versus Foreclosure in Florida
If you cannot pay your mortgage, you may be wondering which is best for your situation: a short sale or a mortgage. Every situation is unique and the following information is not meant to replace the advice of a short sale lawyer in Orlando, Florida like Benkiran Law. Our firm can take the time to understand your unique situation and help you find the best solution for your needs. What are some of the benefits of a short sale over foreclosure?
- A short sale can be better for the long-term health of your credit. While you might suffer a ding to your credit for both a short sale and a foreclosure, a foreclosure is a lawsuit that can impact your credit more seriously, and can impact your ability to get a home loan in the future.
- Less-costly. Going through a foreclosure can sometimes cost you more in legal fees and fines than going through a short sale. The short sale process can sometimes be less stressful because it involves the process of selling your home rather than going to court to defend yourself against a lawsuit.
- There’s a chance you might come out okay. Even if the housing market is down, by putting your house on the market, there’s always a chance that you’ll get an offer that could satisfy the amount you owe on a loan. You never know. If two buyers get into a bidding war over your home, you might even find yourself coming out of the deal with cash in your pocket. It’s unlikely, but possible. It may be in your benefit to try for a short sale to avoid foreclosure.
These are just some of the benefits of going with a short sale rather than letting the bank foreclose on your home. Benkiran Law is a short sale lawyer in Orlando, Florida who can review your situation and help you navigate the short sale process. That said, short sales are not for everyone. Contact our law firm today to understand your options and choose the best option available to you to save your home or to prevent foreclosure.