MARTIN AND ST. LUCIE COUNTY FORECLOSURE AND BANKRUPTCY LAWYERS

From their offices in Stuart and Fort Pierce, the attorneys of Treasure Coast Legal provide innovative and effective legal advice to clients who are experiencing financial difficulties. Many of the homeowners in Orange, Martin, St. Lucie, Palm Beach, and Broward counties have been confronted by an unprecedented situation, where due to steep decreases in the property values of their homes, they are unable to sell them to avoid foreclosure. Short selling allows homeowners to agree with their mortgage lenders on a price that will allow the property to be sold at fair market rates. The lender keeps the proceeds of the sale and the borrower avoids foreclosure. To learn more about short selling your home in the Florida real estate market, contact the lawyers at Treasure Coast Legal to schedule an appointment.

Short Sales in the State of Florida

When you sell your property for less than the mortgage amount, the remaining balance is owed to the institution or institutions that hold the secured note on your home. The mortgage lender can choose to forgive the debt, ask you to carry an unsecured note for the remaining balance, or pursue a settlement. With most short sales, the first mortgage holder will agree to sign a waiver of deficiency in advance of the property sale, forgiving the excess balance. Although this may seem like a losing proposition for the bank—and it is to some degree—there are, however, some advantages. The bank is able to avoid the time-consuming and expensive process of foreclosing on the property, and either holding and maintaining it or auctioning it off. The attorneys of Treasure Coast Legal have experience negotiating with mortgage lenders and have secured numerous waivers of deficiency for our short sale clients.

Professional Short Sale Representation for Homeowners in Central and South FL

If you know that you are about to fall behind on your mortgage payments, or even if you have already fallen behind on one or two payments, you may still be able to avoid foreclosure by offering to short sell your property. Contact our Stuart or Fort Pierce law office to discuss foreclosure avoidance strategies. Our number is 772-621-2898.