A Short Sale Can Be An Effective Tool For Homeowners
If your Florida home is underwater, meaning that you owe more on the mortgage than the house is actually worth, a short sale is one of the options available to you. The Andres Lopez Law Firm has helped many clients with their short sales. Contact us today at 954-417-8856 to see if we can help you with your Fort Lauderdale short sale.
Home Foreclosure Options
In a short sale, you enter into an agreement with the bank to sell the property for an amount that is less than the amount you owe on your mortgage. The sale price then goes to the lender as partial payment of the mortgage. As part of this process, we require the bank to agree not to pursue any claims against you based on any deficiency amount (the amount still unpaid) on your mortgage.
When considering a short sale, you should also think about:
Determining which option is best: If you qualify for a loan modification, you typically will qualify for a deed in lieu of foreclosure or a short sale. While all of these options can prevent foreclosure, determining which of these is best for your situation can be difficult. We take the time to walk our clients through each of these options and offer them candid advice about which option we think best suits their needs.
Tax consequences: There are many tax considerations that accompany a short sale. If the bank forgives a portion of your debt, you must count the amount forgiven as income. A lawyer will help you evaluate your options so that you can make an informed decision on what is the best option for you.
Contact The Firm
To schedule a consultation with a Fort Lauderdale short sale attorney, contact The Andres Lopez Law Firm today at 800-785-1738 or fill our online form. Evening and weekend appointments are available upon request. Se habla español.