{"id":11335,"date":"2016-03-11T17:38:26","date_gmt":"2016-03-11T23:38:26","guid":{"rendered":"https:\/\/fleysherlaw.com\/?p=1328"},"modified":"2023-03-21T09:54:40","modified_gmt":"2023-03-21T09:54:40","slug":"is-a-short-sale-right-for-you","status":"publish","type":"post","link":"https:\/\/fleysherlaw.com\/blog\/foreclosure\/is-a-short-sale-right-for-you\/","title":{"rendered":"Is a Short Sale right for you?"},"content":{"rendered":"\n

Many South Florida borrowers face a tough decision after defaulting on their mortgage <\/a>loan... Is a Short Sale the right thing for us to do right now? The answer is actually not as complicated as you may think. <\/p>\n\n\n\n

How to Know if it is the Right Decision?<\/h2>\n\n\n\n

Simply put, if you are ready to leave the property within 3-6 months and you require a little financial help in making the transition to your new home, then the Short Sale is the way to go. The typical successful Short Sale transaction takes about 3-6 months from listing to closing. And, most banks offer anywhere from $3,000 - $10,000 in relocation assistance at the closing. In addition, a waiver of deficiency (the difference between what you owe on the loan and what the property is worth) can typically be negotiated with banks in most Short Sale transactions. <\/p>\n\n\n\n

Further, it is a way for many borrowers to salvage their credit. Also, it is a way to speed up the waiting period for a new mortgage after filing a foreclosure. A Short Sale typically results in a report of the mortgage on your credit as \"settled for less than the full amount owed\"; as opposed to a flat-out \"foreclosed\" branding. Most lenders provide for a waiting period of 4 years after a foreclosure before a potential borrower will be considered for a new mortgage; while that waiting period is typically reduced to 18-24 months following a Short Sale.<\/p>\n\n\n\n

A Drawback of Short Sale<\/h2>\n\n\n\n

However, keep in mind that closing on a Short Sale will require you to leave the house right away. And, if you're not ready to take that step, a different strategy may be a better fit for you. Perhaps the Short Sale initiation process can be delayed for some period of time; while circumstances change so that you can later be in a better position to start on the Short Sale.<\/p>\n\n\n\n

I am an attorney helping borrowers in these and similar situations navigate the process and make the best of a difficult situation. Please call or email me to schedule a Free Consultation to discuss your situation and options. I look forward to helping in any way I can.<\/p>\n\n\n