In the current economic climate, it is all too common for homeowners to find themselves underwater on their mortgages—owing more than their properties are worth. This is especially common in Florida where the housing crisis has been particularly severe. Freeing yourself from this situation can be difficult and defaulting on your mortgage can be devastating to your credit record.
The Tampa real estate lawyers at Westchase Law, P.A. may be able to help. If you owe more than your home is worth or have defaulted on your mortgage obligations, a short sale may be an option for getting you out of your current mortgage with minimum loss and adverse credit impact. But Tampa short sale negotiation can be complicated and should not take place without counsel from an experienced real estate attorney.
A short sale is a transaction by which a mortgage lender allows a property owner to sell the mortgaged property for less than he or she owes on the mortgage. This can be a good option for property owners who owe more than a property is worth and are looking for a way to get out of the mortgage. It can also be an alternative to foreclosure if the mortgage lender is willing to negotiate.
While mortgage lenders are never happy about taking a loss, they are often willing to negotiate on short sales. This is because they usually recoup a greater percentage of their investments than they would through a foreclosure. Nevertheless, it takes an experienced real estate attorney to negotiate favorable terms during a short sale, including allocating expenses, limiting credit consequences, and ensuring you receive a release from your mortgage obligation.
While it involves expenses just like any real estate transaction, a short sale can be a valuable alternative to continuing to make payments on an underwater property or facing the consequences of default and foreclosure. At Westchase Law, P.A., we can analyze your financial situation and goals, the real estate market, and your mortgage lender to determine if Tampa short sale negotiations are a good option for your unique circumstances.
The attorneys of Westchase Law, P.A. remain constantly apprised of the latest developments in the laws of Florida. Their diverse real estate practice includes commercial and residential transactions, landlord tenant disputes, foreclosure defense, real estate litigation, closing and title services, and short sale negotiation. If you are buying or selling property in Florida, facing foreclosure, or involved in any other type of real estate or rental dispute, our experienced Tampa attorneys may be able to help. Contact us at 813-438-7114 or through our web contact page.