Broward County Business Bankruptcy & Foreclosure Defense Lawyers
Trusted Attorneys on short sales serving Fort Lauderdale, Sunrise, Davie, Plantation, Weston, Tamarac and surrounding areas
A short sale is an option for homeowners who can’t pay their mortgage, yet don’t want to succumb to the negative outcomes of a foreclosure. Short sales have become increasingly popular following the recession, and they require an attorney that has the knowledge and patience necessary to communicate with lenders and see the process all the way through to the end.
Ft. Lauderdale Short Sale Attorney
At Szabo Law Group, we want clients to avoid foreclosure if at all possible, and it should be a priority of the client because it can reduce the risk of ruining their credit rating and failing to get a future mortgage or get a fair insurance quote. Foreclosing is a time consuming and costly process, which means lender are generally willing to work with trusted law professionals on short sales. Aron Szabo has the experience to negotiate a short sale and has communicated successfully with a variety of lenders.
Short Sale Overview
A short sale is the sale of real estate with the outcome expected to fall short of the balance of debts secured by liens against the property. This occurs when the owner can’t afford to repay the full amount of the lien and the lien holder agrees to release their lien on the real estate. Some refer to short sales as pre-foreclosure sales, which precedes the home being repossessed or foreclosed on by the lender. A short sale allows all parties to move on in a faster and smoother fashion than what is experienced in a foreclosure.
There are negative ramifications for short sales, yet they aren’t as damaging as foreclosure. For instance, the homeowner’s credit will be adversely affected when settling with a lender in a short sale, with credit scores dropping as much as 200 to 300 points. Fannie Mae recently changed their guidelines that now call for only a two-year waiting period for a short sale seller to make another real estate purchase. A foreclosure mandates a five-year waiting period.
In some cases, homeowners enter into a situation where they didn’t understand the terms of the mortgage or they were fraudulently induced into a subprime loan situation. These are individuals who need the guidance of a legal professional that understands the landscape.
Szabo Law Group is committed to assisting individuals through their financial obstacles. Aron Szabo personally meets with every client and spends time listening and understanding their particular circumstance. Szabo Law Group will review every particular financial circumstance and provide a solution. To schedule a free consultation, contact the Szabo Law Group today at (954) 210–6054.