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HomeForeclosure Defense - Short Sale Advice

Florida Short Sale Lawyer

Representing Clients in Real Estate Matters Since 1994

Experienced Florida Real Estate Lawyer

Most of know that in today's real estate market, short sales are now the bank's preferred method of dealing with homeowners who have fallen behind on their mortgage payments. Larry Tolchinsky agrees that allowing a home to go into 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 has always been to guide them through the short sale process. However, there are several critical steps homeowner's need to take before attempting a short sale with their bank, including protecting themselves against realtor commission issues. Additionally, they need to protect themselves against default issues under the real estate contract before the sales contract is signed. 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 - Beware of the Deficiency

The fundamental concept in a short sale is that you owe more than your home is worth and you are unable to maintain the mortgage payments. Essentially, in a short sale 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 truly 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

Why Hire A Lawyer to Negotiate a Short Sale

The phrase "negotiate a short sale" is quite misleading due to the fact that short sales involve more than just a discussion of numbers.  Short sales require a knowledge of the law related to issues such as deficiency judgments, tax consequences, garnishments, loan servicing guidelines and foreclosure, and these issues should only be addressed by a licensed Florida attorney.  In fact, an attorney experienced with short sales is the only who should be reviewing a short sale approval letter and providing an opinion on how the terms will impact the homeowner now and in the future, including answering the question on when the homeowner will be able to purchase a home again using mortgage financing. One scenario that occurs all to often, which is a prime example of a why a lawyer should be involved in the short sale process, is where a homeowner has been served with a foreclosure lawsuit in the middle of a pending short sale.  If the homeowner doesn't take steps to address the foreclosure action, it's possible he/she can lose their home before the short sale is completed.

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, an attorney may still be able to help.  In fact, Larry Tolchinsky has helped homeowners in the situation where the homeowner is engaged in the short sale process and the home is sold at a foreclosure auction.

Larry Tolchinsky contributed to a Channel 10 news story regarding deficiency judgments and short sales. Watch the video here

 

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:

      Do You Have a Question?

      Fill out the “Talk With An Attorney” form above to ask a question or call us at 954-458-8655.  We promise to get back to you promptly.  Ask now.

       

      Blog Posts Related to Short Sales (by Larry Tolchinsky):

       

      Get A 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

       

      Do You Have a Question?

      Fill out the “Talk With An Attorney” form above to ask a question or call us at 954-458-8655.  We promise to get back to you promptly.  Ask now.

       

       

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      In The Press:

      Larry Tolchinsky contributed to a Channel 10 news story regarding deficiency judgments and short sales. Watch the video here

      Larry Tolchinsky contributed to a recent USAToday article regarding deficiency judgments. Read the article here

      Larry Tolchinsky contributed to a recent Bloomberg.com article regarding deficiency judgments. Read the article here

      Larry Tolchinsky contributed to a recent CNNMoney.com article regarding deficiency judgments. Read the article here

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      Hallandale Florida lawyers serving those living in the State of Florida including those living in Miami Dade County and the cities of Broward County, Florida including:

      Hollywood | Aventura | Sunny Isles | Miramar | Pembroke Pines | Davie | Dania Beach | North Miami  | North Miami Beach

       

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      Call (954) 458-8655

       

      DISCLAIMER: This website provides general information regarding legal issues under Florida law. This is provided for information purposes only and is not legal advice. It does not create an attorney-client relationship.

       

       

       

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