Foreclosure Attorneys in Miami
A short sale is when a homeowner sells a home for less than what he or she owes the bank. For example, a homeowner may owe the bank $180,000 for the home, but may only be able to sell the home for $150,000. This is a complex real estate transaction that requires the assistance of our experienced foreclosure attorneys in Miami.
Banks are not eager to agree to short sales, because they constitute a financial loss. At the Law Offices of Daryl L. Jones, our lawyers have confidently handled many short sales. We know how to negotiate with banks; we make it clear to them that agreeing to a short sale is the best option based on the circumstances. We will carefully guide you through this legal process, making certain that you are protected.
Short sales are a complicated process. In order for a short sale to be successful, it involves a lot of knowledge and experience. If you’re interested in the short sale process, consulting an expert short sale attorney in Miami is highly advised. There is a lot of misinformation circulating about short sales and its process. Do not fall victim to the countless stories that tell you that you can do a short sale on your own without the assistance of an attorney. These accounts don’t warn you about the challenges and legal matters that involve short sales. At the Law Offices of Daryl L. Jones, P.A., we are dedicated to helping our clients through the short sale process. We have years of experience assisting homeowners with short sales while making sure that they are legally protected.
A short sale allows the homeowner to sell their home for less than the amount still owed on their mortgage. However, in order for a short sale to be considered, the homeowner must be far behind in payments with the inability to catch up or become current. The housing market also plays a role in short sales. If the housing market has gone down, resulting in the house being worth much less than the balance of the mortgage, the owner may be eligible to do a short sale. In other words, the mortgage has to be upside down while the housing market is also suffering.
A short sale can be an option to avoid foreclosure, but as mentioned, it is a complex process that should be handled by a qualified short sale attorney. In order for a short sale to be successful, it must be approved by the lender. If the lender does not approve of the short sale, the sale of the home does not happen. Despite its name, a short sale is often not short. Most lenders will drag the process making it lengthy and very unpredictable. Even if the short sale seems to check off all the boxes, the lender may pull the rug and deny the transaction. Enlisting the assistance of a short sale attorney in Miami is recommended. A short sale attorney knows how to proceed and weave through the short sale process while avoiding pitfalls that can deter the lender from approving the sale.
Though the process may seem daunting, homeowners should still consider a short sale. A short sale is a much better option than foreclosure. A foreclosure has a much more significant negative impact on your credit, and the majority of people are not able to obtain another mortgage loan for a standard period of seven years. Through a short sale, most people only have to wait two years before they apply for another mortgage loan. Also, if you hire a short sale attorney to help you complete a short sale, they can help you negotiate with the lender so that your credit report shows that the account was paid in full rather than settled for less than the full balance due. This will significantly help your credit score.
Lenders also tend to prefer short sales over foreclosures because they can recoup more of the mortgage loan. However, getting the lender to approve a short sale is difficult. People have much better luck with getting a short sale approved if they have a short sale attorney in their corner.
Hiring A Short Sale Attorney In Miami Is Important
If a real estate agent who is not a licensed attorney is giving you legal advice, it is against the law. Only a short sale attorney is able to provide legal advice, and the laws are constantly changing, especially when it comes to real estate. If you are considering a short sale, it is vital to hire a short sale attorney in Miami to help you with this complex process
Hiring a short sale attorney will ensure that the homeowner is released from any personal liability after a short sale has occurred. Even if a short sale is approved and completed, if the homeowner is not careful, the lender may come back and legally garnish wages and bank accounts to recover the money. A short sale attorney can ensure that the short sale approval letter contains the verbiage that spells out that he or she is no longer liable and that the lender cannot pursue to recoup any money after the completion of a short sale.
A short sale attorney can also make sure that the homeowner’s assets are fully protected. Lenders evaluate all of the seller’s financial assets in order to determine whether they are able to recover part of the loss through disposable income, retirement funds, and stocks. A short sale attorney in Miami can help protect lenders and banks from liquidating a homeowner’s assets while a short sale is being considered.
At the Law Offices of Daryl L. Jones, P.A, we know that homeowners can benefit from a short sale if it is done right and legally. Consulting with a short sale attorney in Miami will prove invaluable and give you peace of mind.
Protecting You Against A Deficiency
The difference between the amount you owe to the bank and the home sale amount is referred to as a deficiency. Deficiencies can add up to tens of thousands of dollars. They are the biggest hazard in the short sale process. If the short sale is not handled correctly, the bank will have the right to come after you to collect the deficiency. The bank may not take action against you immediately, but rather wait until you have the money to pay back all or a portion of the deficiency.
When our attorneys handle short sales as a foreclosure alternative, we request that the bank agree to forgive the deficiency. We want to make certain that you can move forward with your life without this coming back to haunt you in the future.