SHORT SALES

If your property is worth less than what you owe and you are struggling to make the payments each month, then you should strongly consider a foreclosure alternative such as a short sale.

A short sale is a transaction whereby you are able to sell your property for its current market value and all lien holders agree to take less than what they are owed in order for the closing to occur.

These lien holders most commonly include mortgage companies, homeowners/condo owners associations, local and Federal governments, utility companies and contractors/mechanics. A lien is placed on the property either with the owner’s permission (such as a mortgage) or as a result of an unpaid debt.

During the short sale negotiations, it is common for all the lien holders toagree to release the seller from any future liability in regards to the remaining balance (i.e. the “deficiency”). This deficiency waiver is done as an inducement to sell the property before it goes to sale at the courthouse as a foreclosure which could result in an even greater financial loss to all parties.

If you are delinquent on your mortgage payments or already in foreclosure you should contact the Law Offices of Brian M. Rokaw, P.A. to discuss your options in order to avoid a foreclosure sale.

Please contact us today to schedule a no obligation consultation and see if a short sale is right for you and your family.