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Tag Archives: short sale
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.
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 Sale – To 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.
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.
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.
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.