Should You Hire A Short Sales Attorney In Miami?
The decision whether to work with a Short Sales Attorney in Miami or a real estate agent on a short sale is one only you can make. Both attorney fees and real estate agent commissions are negotiable, so you might be able to save money by hiring just one of these professionals. Before settling on a short sale negotiator, find out about their track record for getting deals accepted by lenders and learn what steps they'll take to protect your personal liability.
What Is A Short Sale?
A short sale is a transaction where the lender agrees to accept less than the amount owed on the mortgage. When the lender agrees to this, it releases the lien so that foreclosure does not proceed. For example, your debts exceed the fair market value of your property, so, likely, you won't be able to sell it, even at a price far below the loan balance. A short sale may be a way for you to avoid foreclosure.
Short Sales Attorney in Miami has practical technical knowledge that can assist your cause. If you face a potential deficiency judgment, a lawyer can settle it for a lower amount or can help negotiate a waiver.
Understanding Short Sale
A short sale occurs when the lender agrees to accept less than the mortgage balance to get some money repaid rather than let it go into foreclosure-one of the few good things that came out of the housing bubble burst. However, a short sale approval letter is not a release from liability, and once you sign it, you could end up liable for things-like the deficiency amount-even though your bank agreed to take less.
Loan documents such as the offer letter, security instrument, and promissory note are critical, but none are more essential than the short sale approval or rejection letter. That's because this letter outlines the lender's decision to accept or reject the sales contract.
Short sales are a viable option for a homeowner facing foreclosure, but it's easy to be confused by the legal language and procedures involved. The best way to understand how a short sale works is to hire a Short Sales Lawyer in Miami to review the criteria, request forms, and documents required in a specific lender's process.