A Short Sale is the selling of a home at prices lower than owed on the mortgage. A Short Sales attorney in Miami considers this route with the owners under pressure for a quick sale of their home. This works as an effective alternative to property foreclosure, making this a viable option. When you default on a mortgage loan, this may be a beneficial option, as it gives you a chance to use the proceeds to pay the lender. Once you accept the home sales payment, the lender may forgive or cancel the remaining payments of the owners on mortgage.

A Short Sales attorney in Miami assists you in the process, and helps to avoid any additional fees or costs related to the foreclosure action. The credit score may remain negative due to the initial default. The short sale is the result of delinquency on the mortgage payments. When permitted, the lender allows ones to sell their property at prices less than its worth. The lender expects to take all the amounts received from the sale to go towards the missed payments. The homeowner has the choice between a short sale or a foreclosure action. Call the Short Sales lawyer in Miami to review the related difference to choose the better option.

Here the homeowner has the responsibility to conduct sales and control the process along with the property until the finalization of the sale. This way, you can get better credit scores than through foreclosure. The sale works through the regular real estate channels like the seller-broker listing. Obtaining this option is difficult due to unavailability and processing is time consuming too taking two to three months to complete. This is different from foreclosures initiated by the lender and they control the complete process instead of the borrower as the short sales lawyer in Miami explains.

The effect on the credit score through foreclosure is negative and the process involves auction or judicial court-ordered sale. The lawyer helps their clients especially when there is a chance of deficiency judgement against homeowners. They help you understand the terms of agree. It is important to take the services of the lawyer when you suspect that foreclosure is going to happen even with the short sale option. There may be frauds related to this and the lawyer identifies it and takes legal action. Issuing of deficiency judgement is possible even with short sales and it depends on differences between the owed amounts to the lender and proceeds from short sale.