The Pitfalls of Short Sales
One method of avoiding home foreclosure is a short sale. A short sale is when a lender agrees to allow the homeowner to sell the home for less than what is owed. For example, a homeowner with a $200,000 mortgage may be allowed to sell a home for $150,000. The $50,000 difference is referred to as a deficiency, and that is where problems arise.
Have you been threatened with home foreclosure? Are you considering a short sale? Protect your rights, your family, and your future. Call Nardi & Nardi, P.A., now at (407) 478-0074 or contact us by email.Orlando Short Sale Lawyers
Unless a lender specifically agrees to it in writing, which is rare, deficiencies do not simply disappear. More likely, the lender will wait until it believes you have the resources to repay the deficiency. Then it will take action against you, potentially filing a deficiency lawsuit.
Even if the lender does indicate in writing that it will not seek the deficiency from you, there are other consequences that need to be considered before moving forward with a short sale. The deficiency may be considered taxable income by the government. You could end up with a sizeable tax bill. When you review your situation with our attorneys, we will explain all of the pitfalls of short sales to you. With over 20 years of experience on our side, we know about alternatives to short sales that may be more effective, such as bankruptcy.
Call us at (407) 478-0074 today to speak directly with an experienced Orlando, Florida, lawyer or contact us by email to learn more about foreclosure defense.
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