Short Sale Advice

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Experienced Florida Real Estate Lawyer

If you have fallen behind on your mortgage payments and are facing foreclosure it is important that you not walk away and allow the bank to foreclose. Larry Tolchinsky believes that foreclosure is not the preferred method of handling mortgage problems due in part to deficiency judgment and credit issues. His preferred method for helping clients facing foreclosure is to guide them through the short sale process. There are several critical steps you need to take before attempting the short sale process with your lender, including protecting yourself against realtor commission issues. Additionally, you need to protect yourself against default issues under the real estate contract before you sign the contract. For these reasons, it is important to hire an experienced real estate lawyer before attempting to short sale your property.  Larry has extensive experience in real estate matters for more than 20 years and is familiar with the issues homeowners are facing in today's difficult economic times.

Short Sales are a viable alternative to foreclosure. The fundamental concept is that you owe more than your home is worth and are unable to maintain the mortgage payments. Essentially, you are asking the bank to agree to accept an amount short of the balance due, which in turn makes it possible for you to sell the home to a new owner who is only willing to pay the current value of the home. Remember though, the banks are not reducing the loan balance, they are accepting less than the balanced owed in return for allowing the home to be sold.  Therefore, it is important that you carefully review your short sale approval letter to make sure the lender has waived its deficiency rights against you. Otherwise, the bank can still sue you on the unpaid balance of the note.

See: Short Sale Debt Collection

Foreclosure During The Short Sale Process

We all have heard the stories about short sales taking months to complete. During this time, it is likely that your bank will file a lawsuit to foreclose on your home, even if you are attempting to work out a solution with the bank. The foreclosure lawsuit acts as a backup for the bank in case the Short Sale is not approved.

Unfortunately, many people do not hire an attorney to negotiate the short sale or to defend them in the foreclosure lawsuit, mistakenly believing they can get the short sale completed before the bank can foreclose. Delays in the short sale process occur all the time. If the short sale does not happen and you haven’t answered the lawsuit, you may find yourself in a position where you have lost the ability to raise certain defenses to the foreclosure lawsuit.  If this occurs, Larry can still help.  Larry can also help in those situations where the homeowner is engaged in the short sale process and the home is sold at a foreclosure auction.

8 Key Conditions of a Short Sale:

1. Hardship
2. Demonstrate your inability to make payments from current funds or assets
3. Prove the current value of the home to be less that the balance owed
4. Lender to agree to accept a smaller payoff, there is no obligation for them to do so
5. Qualified buyer offer to purchase the property (without a buyer there is no short sale)
6. Lender must agree to accept less than the balance owed on the mortgage
7. There are tax implications and the possibility of a deficiency balance to the lender
8. There are negative effects to your credit score

Larry represents both Buyers and Sellers in Short Sale transactions for property located in Hallandale, Hollywood, Aventura, Fort Lauderdale, Miramar, Pembroke Pines, Weston, Davie, North Miami Beach, Dania Beach and all other cities in Miami-Dade and Broward County.

If you don’t meet the conditions for a short sale, Larry also helps clients who are faced with this situation by guiding them through the various other options related to the loss of their real estate, including:

• Mortgage Loan Modifications
• Deed in lieu
• Foreclosure Defense
• Strategic Default
• Defects in the mortgage foreclosure process (including lost Promissory Notes, Improper Mortgage Assignment, and Federal Truth in Lending violations)
• Deficiency Judgment counseling
• Appraiser Negligence Claims

Free Case Evaluation From An Experienced Real Estate Lawyer - Call 954-458-8655

Larry Tolchinsky represents individuals facing foreclosure throughout Broward County and all around Florida. Many foreclosure issues involve complexities that real estate lawyers are best equipped to handle. It is important to consult a qualified attorney before signing any important documents. Larry Tolchinsky is an experienced real estate attorney, who is here to answer your questions and evaluate your circumstances. When you work with him, you can be assured that your matter will be handled with expertise and professionalism giving you peace of mind.

If you would like more information about short sale counseling or require the help of an experienced Real Estate Attorney, contact Larry today. You can contact him by phone at 954-458-8655 or by e-mail through this web site to schedule an appointment and learn more about Florida Short Sales. He offers a free initial consultation.

To learn more about Larry Tolchinsky, click on this link: Real Estate Attorney

Please feel free to fill out the “How Can We Help You?” form above for a free case evaluation or to ask any questions.

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