Short Sale and Foreclosure Options

Mortgage Debt Relief at SunCoast Law – We Know Debt Relief

In recent years many real estate agents and mortgage companies have encouraged distressed homeowners, to opt for a short sale rather than allow the bank to foreclose on the property. In the case of a short sale, the homeowner sells their home to a buyer for less than the balance of the existing mortgage. The mortgage lender must first agree to take less for the house rather than foreclose, however. If this is the case, the real estate agent and the bank each benefit from the short sale since the home could’ve taken years to sell in the current real estate market. The seller however, loses the home and any possible future equity.

The Best Option for Homeowners in Financial Distress

It is important to carefully weigh your decision about agreeing to a short sale. Sometimes, as a condition of the sale you are required to agree to pay the mortgage holder the difference between the actual sale price of the property and the remaining balance on the mortgage. Unless the deficiency amount is specifically waived you will legally owe it. These deficiency debts often wind up in the hands of ruthless debt collectors that purchase them from lenders. There may also be tax consequences at the end of the year on any monies the bank vows to forgive.

Get The Facts from a Trusted Legal Professional

Before you decide whether to allow your mortgage lender to foreclose on your home, or agree to a short sale, you should always consult an attorney who knows foreclosure defense and can advise you on strategic options. SunCoast Law are experienced in all aspects of real estate, foreclosure, bankruptcy, and tax law. Each of these areas of practice may enter into the decision making process for you as a distressed homeowner. That’s why it’s critical to have an attorney who can present the “big picture” involving your situation.

Our attorneys will help you make the best decision for you and your family concerning your home. We will explore every legal strategy with you and work with lenders, real estate professionals and the courts to bring about the most successful outcome possible. Whether you choose to enter into the short sale of your home, foreclosure, or another legal option to retain your residence, you deserve to get the best advice and representation available.

If you’re facing possible foreclosure, contact a SunCoast Law professional now to discuss your situation, (844) 330-2727.

We offer debt relief solutions in compliance with U.S Bankruptcy Code.