Tag Archives: short sale

Real Estate Attorney | Short Sales | Foreclosure

SUSPENDED-LICENSE-LAWYER, TAMPA-CRIMINAL-LAWYER, TRAFFIC-TICKET, DRIVING-WITH-A-SUSPENDED-LICENSEA short sale can be a great option for homeowners that have been faced with financial hardship. However, many homeowners are unsure of the differences between a short sale and a foreclosure. A foreclosure can damage your credit and make it difficult for you to purchase a home. A short sale is a great alternative to consider to avoid foreclosure.

In real estate, a short sell is the process through which a lender of a property allows the property to be sold for an amount less than the total amount that is due on the mortgage loan.

The short sell process can be quite complicated, and trying to go through this process alone can be very intimidating for most homeowners. A real estate attorney is highly recommended for those who are considering short selling their home. Approval from a mortgage lender is needed in order to sell the property to a third party, and a real estate attorney is able to negotiate the sale with the mortgage lender. Upon a lender’s approval, homeowners have the opportunity to sell their property at a significantly lower price.

Due to the delicate nature of short selling, this process can be lengthy and time consuming. A short sale must be carried out correctly in order to ensure that it is successful. A real estate attorney can make sure that the necessary documents are processed correctly, and ensure that the short sale is executed accordingly.

Once a short sale is complete, the results are beneficial to both parties. A successful short sale results in a release of the seller’s mortgage obligation, while avoiding a significant credit hit. Subsequently, the buyer is able to purchase a home at a relatively low price.

If you are considering a short sale, or have any questions regarding real estate transactions, call Blick Law Firm today to schedule a free 15-minute consultation with attorney Michael Blickensderfer.

Posted in Blog, Real Estate | Tagged , , , , | Leave a comment

Short Sales vs Foreclosure

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.

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, Foreclosure Defense, Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Foreclosure potential solutions

Foreclosure is the process in which the lender of mortgage money takes control of the mortgaged property and sells it to raise money to pay on the debt owed by the borrower. A foreclosure happens when one stops paying the mortgage payments, usually for a period of at least three to four months. At that point, the mortgage company has a right to foreclosure, and legally follows a standard process similar to an eviction.

If your property becomes subject to foreclosure, here are some potential remedies:

Reinstatement – To avoid the completion of the foreclosure process, you may be able to reinstate the loan by making payments on the past due amount. Generally, the lender will be cooperative if you bring your account up to date, or demonstrate that you now have the means to catch up on the past due payments.

Mortgage Modification – The lender may be willing to modify the terms of the mortgage. Modification of the agreement may involve adding payments to the end of the mortgage and simply extend the term of the loan. Modification of the mortgage agreement may also be made by reducing the interest rate of the original Mortgage Agreement, and it could include partial forgiveness of the amount of money you owe.

Forbearance Plan – As a borrower you may be able to file a forbearance plan with your mortgage provider. Under this arrangement, the lender will agree not to pursue the foreclosure action; but, the lender will likely require proof of adequate means to satisfy the repayment on the loan. This is generally a viable option if you have encountered a temporary setback such as poor health or loss of employment.

Deed in Lieu of Foreclosure – You may also deed the home back to the mortgage provider if the lender agrees to accept a Deed in Lieu of Foreclosure. The lender will take back the property and cancel the remaining debt. You will be unable to keep your home, but avoid foreclosure and minimize the detriment to your credit score.

Short SaleTo avoid foreclosure, you may also be able to sell your home for less money than owed. A short sale can be completed by finding a buyer to purchase the home and 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 a IRS 1099 be issued to the seller, or a deficiency remains which the lender may pursue to collect against the seller.

Foreclosure continues to be a growing problem in Florida, and if it happens to you, the worst thing to do is ignore it.

Call Blick Law Firm today at 813-931-0840. Make an appointment for a free 15 minute consultation with Attorney Michael Blickensderfer to see what your legal rights are in defending a foreclosure action.

 

 

Posted in Blog, Foreclosure Defense, Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

What options do I have to stay in my home?

Thank you for watching Minute with Mike, free legal advice answered by attorney Michael C. Blickensderfer every Wednesday at Noon.

Whether you are looking into leaving or staying in your home, you should check out all your options.

Blick Law Firm provides top legal council for those seeking Loan Modification options, looking to do a Short Sale on their home, or assisting those in Foreclosure Defense.

With over 25 years legal experience, Attorney Michael C Blickensderfer can assist you with guiding you in the right direction, considering what is best for you and your loved ones.

Blick law Firm is a local Tampa Bay law firm specializing in personal injury, criminal law, Chapter 7 bankruptcy and real estate law all across the state of Florida.

For further information regarding real estate law and your options to keep your home or sell, please visit our website at www.blicklawfirm.com or call 813-931-0840.

Posted in Minute with Mike | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

Tampa- Banks incentive program to borrowers cause spike in short sale

Short sales are a lenders best friend! Only until recently, Lenders are starting to embrace the idea of Tampa bay short sales.

In the past three years, there has been a 350% increase in the amount of homes sold through short sale, according to Corelogic’s most recent numbers.

How are banks benefiting from this?

Banks benefit because it decreases the large amount of foreclosures, alleviating the court systems of back logs related to foreclose cases pending.

In a short sale, there is a seller & buyer.  The seller gets out of their home, often with a cash incentive to help with relocation expenses, and most banks do not hold a deficiency judgment against them.

The buyer gets a nice home at a very reasonable cost and  neighborhoods do not suffer from run down or vacant property.  Therefore, the bank is satisfied as well as cultivating economic stability and growth.  Everybody wins!

If you fear you are in danger of losing your home, don’t hesitate.  Think Quick!  Call Blick!  Our real estate department is ready to counsel and guide you towards your best option for you and your loved ones. Call us today at 813-931-0840 and receive a free consultation! Just mention this article!

Posted in Blog, Foreclosure Defense, Real Estate, Uncategorized | Tagged , , , , , , , , , , , , | Leave a comment