Short Sales-are they the answer to your mortgage problem?

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Boynton Beach - Are you being foreclosed on or have your interest rates gone up so that you can no longer afford your mortgage payments? 

Is your home worth half of what it was worth three or four years ago when you bought it?

Have you lost your job and in the meantime has your mortgage has adjusted so you can no longer afford your monthly payments?

Do you want to sell your home and move, but even if you sell for the full asking price (a stretch at best), you don’t have enough money to pay off the bank and you would not be able to transfer clear title?

You are not alone-so many of us are in the same predicament, particularly in distressed real estate markets such as Florida, California, and Nevada.  You may be a candidate for what is defined as a “short sale.”

We have all heard about short sales, but what are they?

A Short Sale is when you sell your home for less than what you owe on your first (and second) mortgages.

Does a short sale solve all of the problems? Will a short sale help you get out from under?

The answer is: sometimes yes and sometimes no. Short Sales are not always the answer for many facing problems paying their mortgages.  

Furthermore, short sales are not an easy process.  Be prepared at this time to wait, some Lenders take in excess of six months to determine whether or not to accept the short sale.

It is extremely important to retain a real estate attorney experienced in handling short sales to represent you.

An experienced real estate lawyer will evaluate whether you are a good candidate for a short sale.  Then, if you are, your attorney will take a number of steps to protect your interests and get the short sale completed.

As an example, let’s say four years ago you bought your home for $400,000 and borrowed $350,000 from your first mortgage lender and $50,000 from your second mortgage lender. The house appraised at $450,000 at the time you bought it, so there was no problem getting these loans. Now, you have a buyer for $300,000, 25% less of the amount you borrowed.  Continued on Page 2

Welcome to my blog!

I have been an attorney for a number of years and have found the practice of law very interesting and rewarding.

Recently, after several years of working for other attorneys or being a partner, I opened my own law office in Boynton Beach.  I decided to reach out to my clients, my business associates, and my friends by writing a blog to share my knowledge and experiences as a solo practicioner. 

In this age of Blogging and Social Networking,  I feel it is very important for me to blog about the various legal issues and business situations I deal with as an attorney.

I hope you find the blogs informational and interesting.  If you have any comments or questions, please fill out your contact information on my contact us page or call me at 561-739-7938

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Practice Areas:

Real Estate Law

Business Law

Family Law

Estates and Trusts

Practice Groups:

Acquisitions & Sales

Business Disputes

Concessions & Management Contracts

Corporate

Family

General Corporate

Investments & Transactions

Landlord/Tenant

Leasing

Probate

Sellers Counsel

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