Mar 29, 2016

Posted by in Bankruptcy Law | Comments Off on The Role Of A Short Sale Attorney For Jacksonville Homeowners

The Role Of A Short Sale Attorney For Jacksonville Homeowners

The Role Of A Short Sale Attorney For Jacksonville Homeowners

There are many struggling Jacksonville homeowners that have not been able to keep current with their mortgage payments despite their best efforts. Changes in the economy, increasing costs of living, divorce, medical bills, job loss and any other number of factors can all result in being unable to make the payments.

For these individuals, a short sale with the assistance of a short sale attorney may be a simple and effective way to avoid having to go through a foreclosure. Not only will that help you to get out from under the pressure and stress of trying to work with the lender, but it also has significant benefits for your credit score.

The Basics of a Short Sale
A short sale is actually a fairly good description of this option. The homeowner may be able to sell the home to a buyer for less than the amount owed on the home, but the lender for the home loan agrees to take that slightly lower amount as a full settlement of the outstanding mortgage balance.

The lender is willing to do this as it saves them in legal fees, in having to foreclose on and then sell the home, and in all the time and administration requirements that a foreclosure causes.

Working with a short sale attorney allows the homeowner to understand the benefits and potential risks of this type of a transaction. The attorney will also ensure all the documents from the lender are prepared correctly and release the homeowner from any further payments or obligations to the lender once the sale is finalized.

Deficiency Judgements
In Jacksonville and other areas of Florida, as well as most of the United States, a lender can file a deficiency judgement against a homeowner competing a short sale. This allows the lender to attempt to collect the “short” amount from the seller.

A short sale attorney will work with you to limit your liability for this type of separate judgement or if it is part of the foreclosure itself. Lenders have up to one year to take action, and the court will determine how much the deficiency judgement will be.

Going through any type of home sale in lieu of a foreclosure is stressful, and it does have implications for liability even after the sale is completed. An attorney specializing in foreclosures and bankruptcy can negotiate the sale and ensure you are protected through the sale and into the future.

To help you through the challenges of selling a home in a foreclosure situation, Robert Peters, short sale attorney, CPA and real estate attorney is here to help. Read more online at www.restartyourlifejax.com.

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