Many Homeowners in Foreclosure owe less than the amount they owe on their their mortgage. A homeowner in this situation understands that it could take years to be able to build equity in their property. Instead of continuing to pay their mortgage, many homeowners decide to sell their property through the short sale process. When a homeowner sells their property through a short sale, they are selling the property at a price less than the amount owed on their mortgage. While the Banks do not accept offers that are extremely low as they did during the recession, short sales are still a viable option. Selling your property through a short sale is a great tool for homeowners to have their foreclosure dismissed. Once a short sale offer is approved by the Bank and the closing takes place, the Bank will dismiss the foreclosure because they agreed to accept the lesser amount.
If you are a homeowner in foreclosure or a homeowner that is currently living in their property and owe more than the value of the property, contact 954 Foreclosure Attorneys today at 954.237.7740. Our office will be able to meet with you and explain the advantages of the short process as well as provide you experienced and aggressive foreclosure defense.