What Is the Difference Between a Short Sale and a Foreclosure?

Are you trying to determine whether or not a short sale is the right option for you? Making this decision can be stressful but there’s no reason to go it alone. Instead, consider working with a qualified attorney who can provide professional guidance so you can attempt to walk away without owing any money. At The Lyons Law Group, P.A., located in New Port Richey, Florida, we specialize in foreclosure litigation and can provide the guidance you need about the short sale process. We are here to discuss your options and help you determine if a short sale is the right option for your foreclosure situation.

How We Can Help with Short Sales

A short sale is a situation in which you agree to sell your home for less than you owe on your mortgage(s). This requires bringing a buyer to your bank who is willing to buy your home. You’ll also be required to make a financial disclosure to the lender to signify financial hardship and increase your chances for approval. We help with that process.

A short sale may seem like a straightforward process, but there are many different ways things can go wrong, which is why it’s crucial to work with us to make sure nothing falls through the cracks. For example, we will thoroughly review your financial situation before completing the financial disclosure to make sure everything is as it should be.

Waiver of Deficiency

Of critical importance is making sure that the bank agrees not to come after you for any money at all after the short sale. This is why a waiver of deficiency is an essential part of the short sale. This waiver is a document in which the lender agrees to not to come after you for any money or legal fees. Receiving that waiver is a focus of all our short sale negotiations so our clients do not need to worry about the bank ever coming after them in the future.

Learn More

For more information about the short sale process and how we can help you receive the most value for your home, contact The Lyons Law Group today. When you call us, we can schedule a free consultation at our office in New Port Richey, Florida.