The short sale process can be an immensely complex process, but by partnering with a knowledgeable advocate, it can be an incredibly valuable tool toward financial freedom.
If you want to short sell your house and can show (with or without planning) a financial hardship, you can almost always negotiate a deal out of debt owed. The key is negotiation. Even if you need to sell an investment property or have difficulty demonstrating financial hardship, it still may be a viable option. It is important to note, however, that you may have to pay back some money at the closing or in payments over time. Nevertheless, you can settle for less than the full amount owed because the bank makes more money by settling than waiting through the foreclosure process. You actually save the bank money.
Another key aspect of a short sale is that second mortgages and home equity lines of credit can be extinguished. If a house is worth less than the first mortgage, the second lenders will not get anything if the property goes into foreclosure and so second mortgages will often settle for a fraction (less than 10 percent) of what they are owed. These proceeds are paid from the short sale.
Orlando Short Sales Lawyer in Florida
At Mascia Law Firm, we have proprietary software that we use to work with clients that allows us to dynamically interact with the process. Additionally, we can collaborate with all players including retailers. We can show the net worth will change by a deficit amount by going through the short sale process and going into a new house. Many law firms and attorneys simply do not have the skills or resources to navigate these waters effectively. Our experience allows us to open doors that simply are not open to the vast majority of other legal advocates.
It is important to note that a short sale does take patience. An average of three to six months is needed to list the property, get a buyer and wait for the bank to review your financial package, negotiate and close.
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