Short sales
A short sale is a legal decision that allows a mortgage lender, such as a Bank, to regain the property back from the homeowner for less than the amount that is still owed on the loan. Similarly, a deed in lieu of foreclosure agreement is a similar option that allows a borrower to give the property back to the mortgage lender to avoid losing the property in foreclosure. These two options may appear attractive however many people have found themselves over their heads in debt, but there are serious drawbacks, which is why hiring a Florida real estate attorney that specializes in short sales and foreclosures is a good option.
Foreclosure
Many people in Florida today are faced with the possibility of a foreclosure and/or a short sale. As a real estate broker and attorney, our attorney is able to guide you through the process and consequences. Our Florida real estate attorneys will explain the process and some options as simply as possible.
A foreclosure is when a bank takes over your home when you have not been paying the mortgage. There are two main types of foreclosures a judicial foreclosure and a non-judicial foreclosure.
A judicial foreclosure which is when the bank takes you to court and tries to recoup any losses it may incur. A non-judicial foreclosure is when the bank closes under the deed of trust; however, this is why it is an important reason to hire a Florida real estate attorney, because if the non-judicial foreclosure is not negotiated correctly the bank may come after you for a deficiency judgment.
