Is a Short Sale Right for You?
Consult with a Daytona Beach Foreclosure Defense Attorney
Short sale is selling a home for less than the amount owed on it with the
result that the loan is paid off and you can avoid a foreclosure. Short
sales can be a positive means of walking away from a poor financial situation
regarding your home without doing serious harm to your credit. If you
are behind in your mortgage payments and in danger of foreclosure, consult
immediately with a Daytona Beach
foreclosure defense attorney to learn if a short sale is right for you.
The Law Office of Jeffrey A. Klein, we take a hands-on approach to whatever foreclosure problems our clients
are facing. We have a proven track-record of offering our clients needed
legal advice and representation when it comes to handling their mortgage
and fighting foreclosure. Since the foreclosure crisis hit in 2009 we
have helped hundreds of our clients achieve the best outcomes for their
financial futures under difficult circumstances - we can bring the same
hope to your situation.
What qualifies as financial hardship?
Banks are more and more willing to work with borrowers that are experiencing
financial hardships who are likely to default on their mortgages. What
constitutes as a hardship varies from bank to bank.
Commonly accepted hardships can include:
- Family illness or injury
- Small business downturn
- Divorce or separation of domestic partners
- Illness or injury to extended family, especially if it forces a relocation
- Adjustment in mortgage payment or unforeseen increase in living expenses
- Job loss or significant loss of income
- Job relocation when the property is equity deficient
Banks usually will not consider a short sale unless you are in default
of your loan. If you are afraid you will soon be in default, some banks
can accept the paperwork to begin your file. Consult with our Daytona
Beach short sales attorneys before you make any definitive decisions.
A Short Sale could be the Answer
Banks would prefer to settle your matter with you rather than taking the
property via foreclosure. Lenders win out too by accepting a short sale
as opposed to taking the title to a foreclosed property.
Complete foreclosure is severely damaging to your credit, even more so
than bankruptcy in some cases. By avoiding a foreclosure and retiring
the debt through a short sale, you can usually return to normal borrowing
money for loans quickly.
To see if a short sale is the right move for you,
call our office today and speak with an attorney!