Can I Sell My House to Avoid Foreclosure?
Did you receive a foreclosure summons at your home? If so, you may be left wondering if you can simply sell your home to avoid the foreclosure process altogether. The answer is YES, and The Lyons Law Group, P.A., can help. The process is called a short sale, and it is where you sell your home for less than you owe. The timing of this process is important, but a short sale can get you out of the foreclosure completely. A short sale also benefits your bank since they get the money from the sale of the property. However, the bank may still be able to come after you for the difference between what you owe and the sale price of the property. An experienced foreclosure attorney may be able to help you get the bank to agree not to come after you for anything after the short sale, so you get the best of both worlds.
When you owe more than your home is worth, the bank considers that to be a deficiency. If the bank starts the foreclosure process, they may ask the judge to direct a money judgment against you for that deficiency. However, an experienced foreclosure attorney can help negotiate the short sale to attempt to convince the bank to waive the entire deficiency and remove the foreclosure from your record and credit report. In fact, this is often exactly what happens when we process short sales.
Advantages of a Short Sale
Rather than filing for bankruptcy or simply allowing the foreclosure to happen, filing for a short sale with your foreclosure attorney will offer you a variety of benefits.
You May Get Out of Paying a Deficiency Judgement
One of the main benefits of having a foreclosure attorney file your paperwork for you is that they may be able to get you out of paying any deficiency judgments. This is an additional part of the loan that’s left unpaid after the short sale. Unfortunately, if paperwork is filed improperly or if your attorney doesn’t fight on your behalf, many homeowners will be left paying the unpaid amount after the short sale.
Your Credit Won’t Be as Impacted as With a Bankruptcy or Foreclosure
While filing for bankruptcy or allowing a foreclosure to happen will negatively affect your credit or FICO score, having a short sale may not be quite as bad. It is highly recommended that you speak with an experienced foreclosure attorney who will work closely with your bank to make sure that all documents are filled out and filed properly.
Thankfully, homeowners in Florida who are facing litigation for a foreclosure can turn to the professionals at The Lyons Law Group, P.A., for the guidance needed to get through the entire foreclosure or short sale process. Our attorneys will work closely with you to determine if a short sale is even the right course of action as there may be better options available for your specific case. We will make sure you understand this complicated process, and we will ensure that nothing falls through the cracks as we submit all the documents for your short sale. We will also fight the bank on your behalf and attempt to convince them to release you from paying any remaining debt so you can move on with your life without owing any additional money.
To learn more about the legal options available to you to avoid foreclosure, including a short sale, contact The Lyons Law Group today. We will work with you personally to educate you about the process and explore all your legal alternatives and options.