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Short Sales in Clearwater, FL

Clearwater Bankruptcy Attorney

For those that have fallen behind on their mortgage or are experiencing an underwater mortgage where the amount you owe on the property is more than what its actual value is, a short sale can be a good option to consider. It is an alternative to bankruptcy that may be able to provide you with the results that you are in need of. It is best to first discuss this option with a knowledgeable Clearwater bankruptcy lawyer who can guide you in the right direction from the beginning.

What is a short sale?

The ideal outcome is to make a profit off of real estate, but in many situations, the best realistic option will be to be freed from a financially draining investment and put yourself in a better position for the future. Short sales have been able to do this for many home owners. In a short sale, a piece of real estate will be sold at an amount that is often below the amount of debt that is owed on the home. An agreement needs to be made with the lenders to allow this to happen. The amount of debt that remains unpaid after the house is sold is referred to as the deficiency.

Why choose a short sale?

A short sale can ultimately be a better option for you and for the lender. Many lenders have become more open to this possibility and a steady increase has been seen. It can allow them to avoid the cost of a foreclosure and to bring the matter to an end in a shorter period of time. A short sale can also potentially allow you the possibility of avoiding foreclosure which can lead to a greater negative outcome in many cases. If a short sale is handled right, it can be valuable in ridding you from some of the debt that you owe and preventing you from holding onto property that will only continue to put you further behind.

How do you sell property this way?

Typically, as the borrower, you will first need to show the lender that you have had some sort of financial hardship that makes it difficult for you to meet the monetary demands of the property. With more buyers unable to afford their homes, this criterion is not always mandatory and some individuals have been able to go down this route without having significant financial hardship through a strategic short sale.

The main thing that the bank will want to look out for is if they will be profited in some way. This will be a determining factor when they decide who is approved for a short sale. In a short sale you will likely want the process to move quickly. To do this, you need to get potential buyers looking at your property. One of the best draws is by putting the real estate at a lower price to attract more people in. If the property is sold at less than the amount that is owed, the lender may still be requiring the amount or they may take the hit since they will at least receive some type of reimbursement.

What will happen to my credit?

Both foreclosure and a short sale can have a negative impact on your credit score. There are a number of factors that go in to if this occurs and how severe the toll is. It is best to work with a professional who will understand how the impact on your credit can be reduced so that you are ultimately in a better position. Credit will more often be affected when there is still a deficiency that remains. While a short sale or foreclosure may hurt your credit score, it can give you the ability to be free of debt and to start rebuilding your credit score.

Do I need an attorney?

It is best to work with professional during this process to make sure that you follow a route that can lend the best results. You do not want your finances to be further hindered as a result of taking the wrong steps and lacking sufficient education in the process of short sales. A Clearwater bankruptcy attorney will also be able to review your case and help assess if a short sale is the right choice for your case. They can evaluate your financial situation and develop a plan that works in your best interests. At my office you can gain the attention of an adept lawyer, and I have aided many clients to finally put their debts behind them through a number of means.

The Mercury Insurance Building, 1901 Ulmerton Road, Suite 400, Clearwater, FL 33762

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Address: The Mercury Insurance Building, 1901 Ulmerton Road, Suite 435, Clearwater, FL 33762 Phone: (727) 424-2279