Is your house worth less than you owe? Do you want to move on? If yes, a Short Sale may be the answer for you. Typically, if you sell your home for less than you owe you are held liable for the remaining balance of your loan. This remaining balance is called a “deficiency.” A lender could sue you for that amount. An experienced short sale negotiator at Plotkin Law Firm, P.A. can get the lender to accept the sale price of your home as full repayment of the loan, even if it sells for less than you owe. This is called a “waiver of deficiency.” We can also advise you on avoiding tax consequences if your debt is forgiven. Another benefit to short sales is they have less of a harmful impact on your credit than a foreclosure.
You must remember that a short sale is the renegotiation of a legal contract. An individual interested in a short sale must be wary of short sale agreements presented by banks, to ensure there are no harmful terms and assure the release and waiver of any deficiency due on the loan. These contracts or agreements should be carefully negotiated and reviewed by an attorney.
Plotkin Law Firm, P.A. has a former foreclosure prosecuting attorney on staff. We understand how to get short sales approved, and deficiencies waived. You do not need to be in foreclosure to have a short sale done on your home. Let us walk you through the short sale process from beginning to end.
Plotkin Law Firm, P.A. works to provide personalized short sale negotiation services to clients throughout South Florida.
Contact us today for a free consultation.