The Benefits of a Short Sale
The foreclosure process is a frightening situation. Not only can it be a long, drawn out process, it can also be severely damaging to a homeowner’s savings, assets and credit. In today’s day and age, it’s tempting for some homeowners to just throw in the towel in defeat and allow the bank to seize their home in order to avoid the embarrassment, stress and social stigmas that are associated with foreclosure. There are other options though, such as a short sale, that provide more benefits to a homeowner than they would get by simply walking away.
A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what’s owed. The borrower finds an agent and puts the house on the market, often at a substantial discount. The hope is that, if the home sells, the lender will recoup the majority of what the homeowner owes. This saves the lender the expense of a foreclosure suit and the possible long-term cost of owning a hard-to-sell foreclosed home. A short sale doesn’t free the borrower from the debt he or she incurred with the original mortgage, but it can be more desirable than a full-on foreclosure.
Some of the benefits of going down the short sale route rather than settling for foreclosure include: more control for the homeowner, better credit protection, less money spent and peace of mind knowing that you sold your home rather than let bank take it from you.
Even though a sort sale is often a better solution than foreclosure, it still may seem too much for an overwhelmed borrower to handle on their own. That is why it is highly advisable to consult with an experienced foreclosure attorney prior to making any decisions about your home. At the Law Offices of Korte & Wortman, P.A., we not only understand short sales, but all of the potential solutions available to you and which may best serve you.
Korte & Wortman, P.A. is a law firm specializing in defending those injured through foreclosure. Based in West Palm Beach, our firm represents clients throughout the state of Florida and across the eastern seaboard. With expertise in all aspects of real estate law, the attorneys at Korte & Wortman also represent clients in real estate closings, property tax appeals, condominium and HOA disputes and landlord-tenant disputes. To learn more, or to schedule a free consultation, visit www.foreclosurefactor.com or call 561-228-6200.