Short Sale Lawyer Broward County

If you owe more money than your house is currently worth, a short sale may benefit both you and the lender. A short sale can also be a great way to avoid foreclosure and get the financial relief you are earnestly seeking. You can review your short sale options by contacting Brian Kowal law online or by calling our office to schedule your free consultation today.

If you are threatened with foreclosure or are dealing with an underwater mortgage, hiring a short sale lawyer in Broward County may be a viable solution. In a short sale, you ask the bank or your lender to take less than the principal amount owed on your mortgage when the property is sold. Generally speaking, a short sale of an underwater property has less of an effect on your long-term credit rating than a judgment of foreclosure does. Usually, the bank will accept the short sale to avoid the time wasted and expense incurred in a foreclosure. Banks understand that all categories of real estate and housing have been affected, especially in South Florida, and they may be willing to take less than the owed principal amount on your mortgage based upon fair market conditions. Although the process sounds relatively straightforward, there is a multitude of factors that can negatively impact the short sale process. A qualified short sale lawyer, Broward County should review the circumstances of your situation and guide you through the process.

Keep in mind that after the short sale is completed, the bank still has options to try and collect on the difference between the principal amount and the amount that the property was sold for (the “deficiency”), and there is no guarantee that the bank or lender will release you for the balance due. As a condition of a short sale, the bank may require you to sign a promissory note to repay the deficiency. The bank may also file an action to collect the amount of the deficiency. Most short sale negotiations that are conducted by realtors or other non-lawyers result in only a release of the property from the mortgage lien to allow its sale, thereby leaving you with a deficiency. Brian Kowal short sale lawyer in Broward County will work with the bank to negotiate the amount of the deficiency or obtain a complete waiver of the deficiency so that once the short sale is completed, there is no risk that the bank will go after you to collect the deficiency. We believe that ensuring that you are not left liable for the shortfall between the mortgage amount and the short-selling price is crucial to allow you and your family to move on with your lives.