Our Short Sale Lawyers are experienced in the foreclosure process and the successful completion of short sales to settle and ultimately dismiss the case against you. Katz & Associates Law Firm serves all of Florida including the Treasure Coast, Stuart, Port Saint Lucie, Fort Pierce, and Palm Beach.
One of the best options to avoid a foreclosure judgment is the short sale. This is where the homeowner sells their property for what the property is worth; however, less than what is owed on the property to the bank. The short sale process is not much different than how you usually sell your home with one difference. A short sale requires third party approval - that is from your bank. Having a foreclosure defense lawyer who understands short sales is a must in these circumstances.
You will need a short sale lawyer to negotiate the difference between what you short sale the property for and what you owe the bank. This difference is known as the deficiency. Do yourself a favor and DISREGARD ANYONE ADVISING YOU THAT THE BANKS NEVER GO AFTER YOU FOR THE DEFICIENCY. SUCH IS FALSE AND UNTRUE. Unfortunately, we have clients who believed such misguidance and ended up hiring our law firm to defend their deficiency and the outcome is never as good as if the deficiency was negotiated prior.
While some banks will not go after you for the deficiency, many of them sell the deficiency to collection agencies who are in the business of collecting these monies from you. It is important to note that many short sales can result in a full waiver of the deficiency depending on the situation. This means that you can end up owing nothing to the bank. However, in some situations where you might have more income than others, the bank might ask for a promissory note to pay for the deficiency. In our experience, such does not happen all that often but when it does the amount of the promissory note is pennies on the dollar. No matter what situation you fall under, you must work out the deficiency and do not ignore it.
It is also important that while you are attempting the short sale that you have an experienced foreclosure defense lawyer defending the foreclosure case. Attempting a short sale or any other settlement does not stop the foreclosure case against you.
Contact one of our Short Sale Lawyers immediately for a consultation. We also have convent locations in West Palm Beach, Sunrise, Ft. Lauderdale, and Miami. Please note that everyone's case is different so we must discuss your entire case matter prior to commencing a short sale and/or any other foreclosure alternative.Schedule A Free Call Now