Short Sales Attorneys in South Florida
Assisting Buyers & Sellers through Pre-Foreclosure Sales from Offices in Pompano Beach & Miami
A short sale is an agreement between a mortgage borrower and their lender to sell a property for less than the value of the outstanding mortgage to satisfy that debt. If you think banks make this option available out of the goodness of their heart, you’re unfortunately mistaken. Foreclosure can be a costly legal battle for banks when they want to reclaim a real estate asset from a distressed borrower, so in rare cases, they may allow a short sale to occur if it’s in their best interests to do so.
That said, Bilu Law can work with you and the bank whether you’re looking to preclude foreclosure with a short sale or buying a property from such an owner. Our short sales attorneys in South Florida will negotiate with the lender for you to work out a strategy that can help you reach the best possible outcome of your situation. For distressed borrowers, that can mean protecting your assets, credit, and lifestyle to which you’ve grown accustomed.
Is a Short Sale Your Best Option?
There are times when financial hardship such as a loss of employment or suddenly reduced income means you won’t be able to afford your mortgage payments. This is an incredibly difficult realization to come to, but the sooner you can be honest with yourself about your situation and act, the sooner your legal and financial situation can be resolved.
When you’ve become delinquent on more than one mortgage payment, your lender may begin to threaten foreclosure. It’s at this time that you need to consult with a short sales attorney in Pompano Beach who can advise you of your options and how you can reach the best possible outcome for your situation.
While short sales are relatively rare, they’re not as uncommon as you might think. At Bilu Law, we can work with you to shed your debt obligations through a short sale agreed to by your lender. If it turns out that this isn’t the best way for you to clear your outstanding mortgage, we can help you with other ways such as with a forbearance agreement, deed in lieu of foreclosure, or refinancing.
Not all is lost if you lose your home, and a short sale can help you land in a good position to rebuild your financial life with greater security. For each step along this process, Bilu Law can be there for you.