Tag Archives: short sale attorney

Tampa Short Sales

Posted on March 12, 2013 by Blick Law

Homeowners are often unsure of what options are available when they reach financial hardship. A short sale is an agreement by a mortgage lender to sell property for an amount lower than the balance owed in order to relieve the buyer of the mortgage obligation.

A short sale can be a helpful tool when trying to avoid foreclosure. Depending on the negotiated amount of the sale and the timeliness of past mortgage payments, a short sale may help avoid the huge hit to your credit score that foreclosure causes. Additionally, short sale participants can later purchase a home in a shorter time than those who foreclose on their property.

From an economic perspective, Short sales are simply a more beneficial option than Foreclosure. Lenders have less to lose, homeowners incur less damage to their credit, and the surrounding community is less likely to be affected by the decline in value that follows abandoned properties forced into foreclosure at greatly diminished costs.

A short sale can be completed by finding a buyer to purchase the home who is willing to pay current market value, and having the mortgage provider agree to the sale. Any shortage after the sale will then either be written off by the lender and an IRS 1099 is issued to the seller, or a deficiency remains which the lender may pursue to collect against the seller.

The short sale process can be complicated, and the lender may not be willing to negotiate. It is important to know that a real estate attorney can help negotiate the sale and terms with the mortgage lender and provide you peace of mind that your sale is being handled by an accountable professional.

If you have legal questions regarding your short sale or you are considering your options, call Blick Law Firm today at (813) 931-0840 to schedule a free 15-minute consultation with attorney Michael Blickensderfer.

Posted in Blog, Real Estate | Tagged abogados en tampa, abogados real estate, blick law firm, buy a home, buying a home after bankruptcy, buying a home in foreclosure, carrollwood attorney, carrollwood businesses, carrollwood real estate, cheap houses for sale, christian attorney, christian law firm, christian lawyer, foreclosure auction, foreclosure auctions, foreclosure short sale, foreclosure vs short sale, foreclosures and short sales, michael c blickensderfer, real estate law, short sale attorney, short sale home, steps to buying a home, tampa law firm, tampa real estate attorney | Leave a comment

Short Sale Process Tampa

Posted on February 12, 2013 by Blick Law

Changes were recently made to help streamline the short sale process including:

An expedited short sale approach for borrowers most in need.
Lenders will now have the power to quickly and easily qualify certain borrowers who are current on their mortgages for short sales.
Lenders will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes.

The short sale process can be complicated, and the lender may not be willing to negotiate. It is important to know that a real estate attorney can help negotiate the sale and terms with the mortgage lender and provide you peace of mind that your short sale is being handled by an accountable professional.

Short Sale Tampa

Posted on January 21, 2013 by Blick Law

Short Sale: an alternative to foreclosure

Posted on December 20, 2012 by Blick Law

Over the holidays Federal Mortgage companies Fannie Mae and Freddie Mac agreed to hold off on foreclosure evictions of families until after the New Year. The response to this moratorium on foreclosure evictions has been mixed as protestor’s have gathered to denounce the mortgage giants Freddie Mac and Fannie Mae’s fruitless efforts to delay the inevitable.

Homeowners are often unsure of what options are available when they reach financial hardship and are faced with foreclosure. A short sale can be a helpful tool when trying to alleviate the burden of a looming foreclosure.

A short sale is an agreement by a mortgage lender to sell property for an amount lower than the balance owed in order to relieve the buyer of the mortgage obligation. Depending on the negotiated amount of the sale and the timeliness of past mortgage payments, a short sale may help avoid the huge hit to your credit score that foreclosure causes. Additionally, short sale participants can later purchase a home in a shorter time than those who foreclose on their property.

Short Sale Process

Posted on December 14, 2012 by Blick Law

Foreclosure Properties: Common Buyer Mistakes

Posted on December 4, 2012 by Blick Law

Buying a foreclosed property is much different than a traditional home purchase. Certain repairs and defects often associated with foreclosed property may require significant and often overly burdensome cost and attention, so it is important to know what you are taking on. During the growth of the foreclosure problem in Florida, homebuyers across the State have been abundantly utilizing Foreclosure Auctions and Short Sales to purchase homes and property for costs well below market value.

However, when purchasing a home, especially in short sale or foreclosure auction, it is important to inspect the premises and discover any defects or structural deficiencies prior to closing on the home. Many times, homebuyers who purchase a short sale ignore defects and property deficiencies because the bargain is too good to pass up. Often, this creates problems that end up costing more than the bargain is worth.

Homebuyers tend to become so passionate about purchasing the real estate at such a lower cost that they refuse to accept the risks that can arise. Common mistakes include:

Ignoring property problems – Severe problems with the property may exist due to neglect, mold exposure, termites, and even vandals. Structurally, these homes may be in severe disrepair and even uninhabitable.

Ignoring legal and Insurance Information- Information that identifies any flood exposure or renovations and repairs made on the home is available to homebuyers and should be utilized to identify possible flaws and dangers that may exist on the property.

Failing to have the home inspected – Many buyers are so anxious to proceed with the acquisition of the property that they fail to have an adequate inspection of the premises conducted. Later, latent defects can become huge problems and the homeowner may incur exorbitant costs to repair the damages.

If you or your family are purchasing a home and have concerns regarding short sales or foreclosure auctions, call Blick Law Firm today at (813) 931-0840 and schedule a free 15-minute consultation with attorney Michael Blickensderfer.

Posted in Blog, Foreclosure Defense, Real Estate | Tagged abogados en tampa, abogados real estate, bank owned homes, blick law firm, buy a home, buying a home after bankruptcy, buying a home in foreclosure, carrollwood attorney, carrollwood businesses, carrollwood real estate, cheap houses for sale, christian attorney, christian law firm, christian lawyer, foreclosure auction, foreclosure auctions, foreclosure short sale, foreclosure vs short sale, foreclosures and short sales, michael c blickensderfer, real estate law, short sale attorney, short sale home, steps to buying a home, tampa law firm, tampa real estate attorney | Leave a comment