If you’re like many homeowners, you may have purchased a home when the market was at its peak. After the recession, the value of your home may have plummeted, leaving you owing more than the value of the house. If you are unable to make your mortgage payments, you could be facing foreclosure by your lender. This is an unfortunate scenario and a foreclosure can affect your credit for years.
An alternative to foreclosure is a short sale. In this situation, you agree for the bank to take back the house and accept less than what is owed. They will then sell the property to try to recoup the unfulfilled mortgage balance.
This is a complicated process and its recommended to consult with an attorney that has experience with short sales. All Property Title can handle the transaction for you. We will go to bat for you with the bank and negotiate with them directly. Although not all lenders will agree to a short sale, we will do our best to convince them that it’s in their best interest and can avoid a foreclosure for both the lender and the homeowner.
For more information about short sales and to see if you qualify, contact us at (954) 753-5313.