Foreclosure, Short Sale

Selling Your Home In Coral Springs FL Through A Short Sale Will Benefit You

Selling your property through a Short Sale will benefit you in the future Coral Springs
Selling your property through a Short Sale will benefit you in the future Coral Springs

Coral Springs FL was hit hard during the recession and the years that followed.   Many Homeowners lost their home to Foreclosure and could not purchase a property for several years after.  This was due to not being able to obtain a mortgage from the Bank.   However, they were encouraged to apply for a Loan Modification.   Unable to qualify, many lost their properties to the Banks.  

The people that lost their homes now have a difficult time obtaining a mortgage.   In addition, Lenders have tightened their requirements.  For example, they will not extend credit to Homeowners with a negative credit history or that lost their home to Foreclosure.  However, there is a positive side that many do not use to their advantage:  Selling their property through a Short Sale.  

The Short Sale process can be lengthy but if Homeowners act quickly, they can sell at a reduced amount.  Accordingly, if the Bank accepts the offer, they usually waive the shortage they are owed.  What does this mean for the Homeowner?  Selling their property through a short sale allows them to recover quicker.  In addition, they can avoid the negative effects of a Foreclosure.  Secondly, it is less drastic for your credit.  In other words, a Credit Report will not show a Foreclosure but will say “settled” or “short sale.” Finally, if they forego the Short Sale process and spend years and money trying to obtain a loan modification, they lose out on other ventures including saving for retirement.   

Selling Your home in Coral Springs FL through a Short Sale may benefit you. Therefore, if you are unsure about the Short sale Process, contact 954 Foreclosure Attorneys, PLLC at 954.237.7740.  

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