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When to Request a Short Sale
While your foreclosure is ongoing - and you are not making a mortgage payment - we'll keep you in your home for significantly less than your mortgage payment.
A short sale of a home is a method for both the property owner and the lender to short circuit the foreclosure process. This method involves selling off the property at a loss, after the lender agrees to accept less than the outstanding loan amount to satisfy the seller's debt.
At the law firm of Michael Jay Wrubel, we understand that most people want to avoid home foreclosure. However, we want to make certain that people who are considering a short sale understand that this is not the only option available and that this option does have drawbacks, such as tax consequences and deficiency judgments. There may be other options available to stop foreclosure that can actually help you stay in your home.
Sellers Can be Held Responsible for the Difference After a Short Sale
If, for example, you owe 150,000 on your home. You sell it in a short sale for 110,000. There is a 40,000 dollar difference that the IRS may want to consider as income and for which the lender may hold you accountable. The lender may seek a deficiency judgment, which could haunt you for years and may even require bankruptcy. It is important to protect your interests with advice from an experienced attorney.
Foreclosure Defense is an Alternative to Short Sales
For most people, a short sale doesn't help them accomplish their true goal: to stay in their home. Even if you have decided that your home is beyond your means and you do not want to stay there for the long run, a short sale may still not be your best option. A foreclosure defense lawyer can help you delay the foreclosure process and choose the course of action which best fits your interests.
Contact Us for a Free Consultation
Available for consultation throughout Broward County in Fort Lauderdale, Hollywood and Davie, we are able to provide foreclosure defense to people throughout South Florida. Contact us today to find out how an experienced attorney from our law firm can stand up for you.