It has been reported that an estimated five million Americans are forcibly displaced from their homes each year due to foreclosure. When the reality sets in that a family may no longer be able to afford to keep their home, they may feel helpless, and may wonder what options they have left. When homeowners lose their homes to mortgage or tax foreclosure, their credit can take a significant hit. To avoid having their credit affected as much, one option is to short sale their home rather than permit a foreclosure auction. While a short sale may seem like a simple fix to a person’s financial situation, the realtors and mortgage brokers involved may not always have your best interests at heart. This is why it is important to contact a Fort Lauderdale, Florida short sale attorney who will protect you and your interests throughout the process of the short sale.

At The Law Offices of Daryl L. Jones, P.A, our attorneys have extensive experience helping clients in Fort Lauderdale navigate short sale transactions. Many homeowners are led to believe that the contracts that are written up by the realtors or mortgage brokers involved are to help them. In reality, these contracts often best serve the interests of the mortgage brokers and realtors that are more concerned with their commissions. If you are considering going through with a short sale for your home, you do not have to go through this process alone. When you work with our Fort Lauderdale short sale attorneys, we will protect your best interests.

What Is a Short Sale?

A short sale in real estate is when a financially distressed homeowner sells his or her property for less than the amount due on the mortgage. The buyer of the property is a third party that is not the bank, and all proceeds from the sale go to the lender. The lender either forgives the difference or may seek a deficiency judgment against the borrower, requiring them to pay the lender all or part of the difference between the sale price and the remaining value of the mortgage. For example, if a family still owes a bank $200,000 on their mortgage, but they may only be able to sell the home for $175,000 on the open market, then the home and seller may qualify for a short sale. In this case, the bank may agree to accept $175,000 as full payment and forgive the remainder that homeowners owed on their mortgage.

The foreclosure process can be very lengthy and costly for the bank. It can also be very frustrating and emotionally draining for the seller. Many homeowners who can no longer afford to remain current on their mortgage payments find that a short sale is the best alternative to bankruptcy or foreclosure proceedings. It may also possibly save their credit from total disaster. When lenders agree to a short sale in real estate, they are betting that they can avoid a lengthy and costly foreclosure process. It allows the opportunity to create a win-win scenario for all parties involved.

Common Reasons for Short Sales in Fort Lauderdale

There are many different reasons that homeowners may find themselves unable to keep up with their mortgage payments. While some people may assume their only option is foreclosure, that is not the case. While a short sale may not be a homeowners number one choice, it is many times a more beneficial choice to protect them and their interests. Some common reasons for short sales in Fort Lauderdale include:

• Loss of employment
• Increased interest rates on a mortgage loan
• Financial hardship
• Divorce or separation
• Relocating in a short time span

Going through the process of a short sale in Florida can be overwhelming. That is why it is important to seek the help of one of our trusted short sale attorneys who will work to help ensure you are protected and informed throughout the entire process.

What Are the Benefits of Hiring a Fort Lauderdale Short Sale Attorney?

While it is not required to have an attorney when going through a short sale in Florida, it is highly recommended. Aside from ensuring that your interests are protected in regards to the contracts you will have to sign, it is crucial that you have a professional by your side to help guide you through the entire process. When you work with the legal team at The Law Offices of Daryl L. Jones, P.A, you will experience the following benefits:

• Prompt communications
• Knowledge of the Florida real estate legal system
• Work with award-winning attorneys
• Trusted legal services
• Dedicated representation

Our team of short sale attorneys is ready to help you ensure that you are protected during the short sale of your Fort Lauderdale home.

Contact a Fort Lauderdale Short Sale Attorney Today

The decision to move forward with a short sale can be stressful for homeowners. However, you do not need to go through this process on your own. To get legal help with the short sale of your home, contact a Fort Lauderdale short sale attorney today.

The Law Offices of Daryl L. Jones, P.A has extensive experience providing clients with the dedicated representation they need during a short sale. Our award-winning team of attorneys is proud to help clients through this overwhelming process with trusted and personalized legal services. To schedule a free initial strategy session, contact us here or call (305) 969-3602.