Orlando Real Estate Attorneys
Guiding Homeowners Through Short Sales
American's are inundated with daily updates on the collapse of housing prices, the rise in home foreclosures and large drops in the stock market. Everyone is at risk - both the homeowner and the lender. A short sale is a method for all parties involved to cut their losses and prevent further deficits. To learn more about short sales or to discuss your options for avoiding foreclosure, contact Pierce & Associates.
Short Sales - a Win-Win Solution for an Unfortunate Situation
In a short sale, the lender accepts less than the full amount owed under the mortgage. As a result:
- Homeowner/Seller: The homeowner avoids foreclosure and the impact of foreclosure on their credit rating.
- Buyer: The new buyer gets a good deal by purchasing the home at a reduced price.
- Lender: The lender mitigates losses by preventing the homeowner from slipping into foreclosure. Although some potential profit is lost by the lender in accepting less money for the mortgage, the lender recovers at least the amount due in the short sale, avoids legal expenses in foreclosing and avoids the resale expense.
We assist clients throughout the entire process of negotiating short sales. We compile a complete short sale package - addressing the homeowner's financial information (bank statements, hardship letter, etc.), information regarding the home (photographs, repair estimates, current market value, etc.) and information regarding the sale itself (short sale property contract, disclosures, etc.).
Act Quickly to Preserve Your Interests
Unfortunately, a short sale is no longer an option if you have filed for bankruptcy or your house has already been foreclosed. Therefore, if you are facing financial troubles, it is essential that you discuss ALL of your options with an experienced attorney right away.
Contact Pierce & Associates by calling us at 407-982-3869 or filling out our intake form online.
