Short sale: a viable alternative to foreclosure in Florida

Short sale: a viable alternative to foreclosure in Florida

We have blogged both about how hard many Florida families were hit in the housing crisis, and how home sales are finally beginning to increase across the state once again. However, there are still scores of residents that toss and turn at night as they contemplate how to get out from under the possibility of foreclosure that is facing them square in the face. Nationally, an estimated 14 million homeowners have underwater mortgages.

The process can not only be gut-wrenching, but it can be overwhelming when homeowners feel baffled about where to turn for help. However, an experienced attorney can be highly valuable to an individual seeking foreclosure assistance. There are alternatives to foreclosure, and an attorney can help a homeowner pursue such alternatives.

One alternative is a short sale, which can be a viable option for homeowners with multiple loans. There are even some programs where a homeowner can get cash back from a lender in a short sale agreement.

In this process, the lender will act as the seller, absorbing the costs of closing, which in many instances includes: escrow fess, homeowner association transfer fees, agent commissions and title insurance fees. Whatever costs the lender does not carry, the buyer will take on the rest. Additionally, some lenders will even help the homeowner with moving expenses after the sale.

A short sale is the not only option when a homeowner is facing foreclosure. A loan modification or foreclosure defense can also be viable options depending on the circumstances. An experienced real estate attorney can guide a homeowner facing foreclosure in Florida in pursuit of the best outcome.

Source: WinonaDailyNews.com, “Underwater mortgage? Here are the facts,” Marilyn Kalfus, May 19, 2013