What is a Short Sale?
A short sale is when your lender allows you to sell your home for less than the amount that you owe on your mortgage. The remaining balance on the mortgage may be eliminated and you can avoid the foreclosure process. An Ocala Short sale attorney can make sure that you understand the process and everything goes smoothly.
If you have lost your job, experienced a decrease in income, exhausted your savings, or taken on unexpected bills then it may be a real possibility that you cannot make your mortgage payments. Once this happens the foreclosure process will begin, and a short sale offers the opportunity to avoid being foreclosed upon. The home will be put on the market with the help of a short sale real estate agent, and will be sold to the best offer. The proceeds from the sale will be used to pay off the amount owed on the mortgage, and the remaining amount can be forgiven, pending negotiation with the lender.
Benefits of a Short Sale
A short sale is a better alternative to foreclosure because it is a much quicker process and can get the homeowner completely out of the amount owed on their mortgage. A short sale also results in a much smaller negative effect on your credit score compared to a foreclosure. Since a short sale does not need to go through the court process, the time, money, and effort that are needed to complete the foreclosure process can be avoided. Although the process can be stressful at times, a good short sale attorney can help you through the process.
A short sale can be a beneficial alternative to a foreclosure to both you and your lender and can get you back on your feet quicker than a foreclosure would. If you are headed into foreclosure and want to know if a short sale is an option for you, contact an Ocala short sale attorney today at 888-316-2131 to schedule your free consultation.