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What Are The Benefits Of A Short Sale?

When faced with a foreclosure of your home, there are several options which may either stall the foreclosure process or end the process altogether, without causing too much financial damage to the defaulting borrower. One such method is the short sale. The short sale is essentially selling the home for less than what is owed on the mortgage being foreclosed.

The benefits vary depending on the value of the home and the amount owed on the mortgage, but one benefit is the certainty derived from the procedure of a short sale:

You know your home is being sold, and you will not have a final judgment of foreclosure on your credit report or in the public records.

In addition, if you sell your home at a bank-approved short sale, chances are the bank will not pursue a deficiency judgment. For instance, if your home is sold for $200,000, but you owe $250,000 on the mortgage, the bank may not pursue the deficiency of $50,000 against you by way of a judgment. It is critical that you avoid the potential of a judgment against you due to a short sale, and at our firm, we are committed to protecting the interests of our clients in this important matter.

Selling your home at a short sale prevents the foreclosure continuing to a judgment and saves time, money and anguish. Going through a foreclosure of your primary residence is an emotional and mentally draining experience. Any resolution which allows you to avoid a judgment against you and a record of foreclosure can be a very good result.

If you have any other questions about a short sale or require assistance in negotiating with your lender to arrange a short sale, please contact the Orlando foreclosure attorneys at Perez Conrique Law now.

Categories: Foreclosure Defense
Perez Conrique Law - Orlando Foreclosure Attorney
Located at 746 North Magnolia Avenue, Orlando, FL 32803. View Map
Phone: (407) 749-1591 | Local Phone: (407) 545-4400.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.