The decision to pursue a short sale should not be made without first obtaining legal counsel. There are many other foreclosure alternatives that may be a better fit for your specific situation, such as a deed in lieu, loan modification, or bankruptcy. In addition, there are many potential disadvantages to a short sale that homeowners should be made aware of.
While a short sale may not be as harmful to your credit score as a foreclosure or bankruptcy filing, there will still be some damage done to your credit rating from the short sale. In addition, you may be required to sign a promissory note to pay the difference between the purchase price and amount owed on the mortgage. The promissory note will make you liable for the debt, and the lender can pursue collection and legal actions against you to collect the amount owed. If the lender does not require you to sign a promissory note, you may have to pay taxes on the amount of debt the lender has agreed to forgive as a condition of the short sale.
Consult With a Tampa Foreclosure Attorney About Short Sales
At Florida Law Advisers, P.A. our foreclosure defense attorneys know how to negotiate with lenders to obtain the results our client’s want and deserve. Our Tampa foreclosure defense attorneys have gained years of experience from working with homeowners and mortgage companies in negotiating short sales and fighting foreclosure. If you decide to pursue a short sale, we can handle all of the negotiations with your mortgage company and draft all of the necessary documentation to help ensure your rights are protected and the process is as stress-free as possible.
Whether you want to keep your home and prevent foreclosure, or walk away from your home without being responsible for any of the debt, Florida Law Advisers, P.A. can help. Our initial consultation is free and we offer flexible payment options to all of our clients. We will work with you to develop a payment plan that you can afford. We accept many forms of payment and offer our clients the choice of either a low cost flat fee or low cost hourly fee. Florida Law Advisers, P.A. wants to provide you with solutions, not add to your financial burden.