A short sale is the process of selling home for less than what is owed on the mortgage. Unlike foreclosures, a lender does not force a short sale, but instead the lender and the borrower agree to sell the property at an agreed price. Short sales release borrowers from their mortgage obligation in a manner, which avoids foreclosure proceedings and reduces impact to the homeowner’s credit.
In order for a short sale to be approved, you as the borrower must show the following:
- Economic Hardship, (i.e., divorce, exorbitant and unexpected medical expenses, or loss of income, or simply an inability to pay the mortgage).
A short sale can be lengthy and complicated process, which is why you need to call our Tampa short sale lawyer as soon as you begin considering short selling your Tampa Bay home.
The first step in a short sale process is to place your home on the market with an experienced short sale realtor. We at the Lenoir Law Firm work with experienced short sale realtors, and have a magnificent referral basis.
Finally, if your lender approves a short sale, the lender may require you to pay the balance owed on the mortgage, which is called a deficiency balance. Our Tampa Short Sale attorneys can help you negotiate to avoid any potential deficiency balance.