What does it mean when a house is up for a short sale?
There are a number of legal options available today for consumers to settle skyrocketing debt. One incredibly beneficial route is the short sale of a property. A short, or “quick” sale of a home is a remarkably agreeable process since it saves the lender time and expense, preventing the foreclosure process. Short sales versus foreclosure are equivocally better for the homeowner’s credit as well.
The Ins and Outs of a Short Sale
A short sale is when a bank or mortgage lender agrees to the sale of a home for less than the remaining balance the owner still owes on it. While this may sound like a loss to the bank, Orlando foreclosure attorney Perez Conrique points out that the reality is such agreements save thousands of dollars on both sides. If a bank forecloses on a home instead of agreeing to a short sale, they’re ultimately responsible for the property management expense until the house eventually re-sells at no guaranteed profit.
How a Foreclosure Attorney in Orlando Can Assist
Homeowners who’ve been threatened with losing their home to foreclosure and who are considering a short sale as an answer, need to discuss the situation with an attorney to avoid common problems. Legal counsel will competently ensure that the agreement in place between the lender and the homeowner is appropriate and doesn’t require the property owner to come up with a large amount of cash after the agreement.
When home foreclosure looms, there is legal counsel and homeowner support available. A foreclosure attorney Orlando is experienced in the short sale process and will represent you so that you move forward in the agreement fear-free. Short sales are intended to relieve the homeowner of hardship and meant to alleviate the pain that may be associated with moving on from a home like a divorce, medical expense or simply moving away.