A short sale occurs when the property is sold for less than what is owed on the mortgage. Many times the lender will agree to a short sale rather then foreclosing on the property. Homeowners often seek assistance with the Short sale from all the wrong places not realizing the consequences of a short sale which is done incorrectly. Before these times, the purchase of your home is the single biggest decision you will make in your life time. Unfortunately in today’s environment, your exit strategy will be an important decision that must be made with an understanding of your personal situation. A poorly executed Short Sale can have devastating effects for many years into the future. The Cochran Firm Palm Beach, P.A. has the expertise to ensure that the Short Sale is done correctly.
The Short Sale Process
The Cochran Firm Palm Beach, P.A. will make contact with the banking institution to inform them of the Homeowners’ desire to short sale the property. If your property is in Foreclosure you should defend that foreclosure until the short sale is complete. The objective of a properly executed Short Sale is having the borrower(s) walk away with no fear of the lender pursuing a deficiency judgment. As the banks are currently overwhelmed this process can take anywhere from ninety to 120 days from our initial contact with the bank.
Benefits of a Short Sale
If the short sale is successful, the bank will not obtain a deficiency judgment against you. The homeowner does not have to worry about a judgment which could result in wages being garnished and bank accounts being seized.
Required Short Sale Documents
Short Sales: The Next Step
After we receive the requested documents we submit them to the bank and wait a response. If the Homeowner has been served with a compliant, a mediation is scheduled to complete the process.