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Orlando Short Sale Attorney

If you are behind on mortgage payments, your lender may initiate foreclosure proceedings. Foreclosure is a very stressful process, as you may lose your home. While a short sale will not allow you to retain ownership of your home, it can prevent a foreclosure from appearing on your credit report, which is very damaging. A short sale can also relieve you of the debt you still owe on the mortgage. Below, our Orlando short sale attorney explains more about these sales and what you can expect during the process.

What is a Short Sale?

A short sale occurs when you sell your home for less than what you currently owe on the mortgage. Due to the fact that you will not receive the full value of the property, your lender must agree to the short sale. If your lender does approve the sale, it can prevent a foreclosure from appearing on your credit report. Although delinquent mortgage payments and the short sale will still appear on your credit report, these are not as damaging to your credit score as a foreclosure.

Short sales are also less costly than foreclosures. Florida is a judicial foreclosure state, meaning that the court will have to intervene. This will cause you to incur additional legal fees and court costs, which you can avoid with a short sale.

The Short Sale Process in Florida

The short sale process can be intimidating and stressful, particularly if you have never been through it before. However, knowing the steps involved can help prepare you so you know what to expect. The steps during the short sale process are as follows:

  • An evaluation is taken of your home to obtain the proper value,
  • You file a short sale application and any relevant paperwork,
  • You must demonstrate that you are facing financial hardship,
  • Your attorney will create a short sale package,
  • Your lender will review the short sale package, and
  • Your lender will approve or deny the short sale.

The short sale process can vary, depending on how your lender will handle the situation. You can make your application stronger by showing compelling reasons for your financial hardship and establishing the value of your home. If you already have a buyer for the property, this can also increase your chances of obtaining lender approval.

Deficiency Judgments After a Short Sale

Again, a short sale sells your home for less than what is owed on the mortgage. Due to the fact that you will still owe a debt, your lender may pursue a deficiency judgment against you. This process does involve the court and if your lender is successful in obtaining a judgment, you will be responsible for paying the remaining debt. An Orlando short sale attorney can help you avoid a deficiency judgment by negotiating effectively with your lender.

Our Short Sale Attorney in Orlando Can Help You Through the Process

The short sale process can become frustrating and stressful. At Florida Law Advisers, P.A., our Orlando short sale attorney can make the process easier, negotiate with your lender on your behalf, and help you obtain the best possible outcome. Call us today at 1 (800) 990-7763 or contact us online to schedule a consultation.

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Tampa, Florida
Florida Law Advisers, P.A.

Tampa, Florida
1120 E Kennedy Blvd, Unit 231
Tampa, FL 33602
Phone: (800) 990-7763

Orlando, Florida
Florida Law Advisers, P.A.

Orlando, Florida
111 N Orange Ave, Suite 800
Orlando, FL 32801
Phone: (800) 990-7763

Dade City, Florida
Florida Law Advisers, P.A.

Dade City, Florida
38100 Meridian Ave
Dade City, FL 33525
Phone: (800) 990-7763