When facing a foreclosure, you have many options. One option that many homeowners facing foreclosure consider is a short sale. Stephen K. Hachey, a Bradenton short sale attorney, has years of experience helping clients facing foreclosure by arranging short sales.
A short sale happens when a lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. Lenders know if the property is worth less than the amount owed and they foreclose that they will lose money. A Bradenton short sale defense attorney can often convince a lender that it will be more beneficial if they take less than what is owed now, rather than taking the property back by foreclosure and trying to sell it later.
Bradenton’s home resale inventory increased slightly, with a 2 percent increase since October 2011. Distressed properties such as foreclosures and short sales increased as a percentage of the total market in November.
What is a Short Sale and is it the Right Option for Your Situation?
A short sale happens when a lender agrees to accept less than the amount owed to pay off a loan as an alternative to foreclosure. Lenders know if the property is worth less than the amount owed and they foreclose that they will lose money. A Bradenton short sale attorney can often convince a lender that it will be more beneficial if they take less than what is owed now, rather than taking the property back by foreclosure and trying to sell it later.
Depending upon what you may owe on your mortgage, the current value of the home, your credit history and financial hardship, a short sale may be the answer. The knowledge of Stephen K. Hachey, an experienced Orlando short sale lawyer, can help you navigate through the short sell process as efficiently as possible to prevent a foreclosure.
What if the Property Sells For Less Than You Owe?
Sometimes the mortgage company will write off the difference between what you owe and the sale price is at closing. Sometimes they won’t. Also, depending on your purchase agreement, either the buyer or the mortgage company will have to pay the realtor fees and closing cost.
The entire process can be extremely time consuming and usually requires lengthy negotiation with the lender by a skilled attorney. Not to mention there are many pitfalls to this type of transaction, and it is critical that things be done correctly the first time, otherwise your bank may decline the transaction, or void other solutions.
The main advantage of using an experienced short sale attorney like Stephen K. Hachey is to act as a buffer between all parties involved. And to help you effectively complete the short sale process without any legal recourse.
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We have several company offices located throughout the Tampa Bay area and West Florida—North Tampa, South Tampa, West Tampa, Orlando and Riverview—and can proudly say we’re one of Florida’s most depended upon and trusted real estate law firms. And we proudly serve the following areas: Tampa, Orlando, St. Petersburg, Clearwater, South Tampa, Brandon, Lutz, New Tampa, Wesley Chapel, Zephyrhills, Land O Lakes, Bradenton, Sarasota, Lakeland, Naples, Cape Coral, Ft Myers, Bonita Springs and everywhere in between.
