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.
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.