Have you been served with Foreclosure papers? Call us today @ (561) 699-0399 for a free 20-minute consultation.
Short Sale vs. Foreclosure in Florida
Short Sale vs. Foreclosure in Florida? Although the number of foreclosure filings have slipped in the state of Florida, the number of foreclosures are still staggering.
Many Floridians still have difficulty making their monthly mortgage payments and must decide on the best course of action to either keep their home or walk away. One of the many options that a homeowner has is to enter into a short sale or enter into foreclosure.
A short sale is any sale of real estate that generates proceeds that are less than the amount owed on the property. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan. A short sale is an alternative to foreclosure because it mitigates or lessens additional fees and costs to both bank and borrower.
A foreclosure is the legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making his or her monthly payments. The foreclosure process will adversely affect the borrower’s credit score and can follow the borrower for some time while attempting to obtain credit. As the foreclosure is always initiated by the bank/lender, the bank or lender is in control unless loss mitigation options are afforded. Loss mitigation refers to a loan modification or reduction in loan repayment.
Are you in foreclosure? Do you need foreclosure defense? Seek help today at The Law Office of Ryan S. Shipp, PLLC. As former counsel for the banks, we now use our knowledge and skills assisting homeowners in foreclosure. Call us today at (561) 699-0399 or come by our office at 814 W. Lantana Rd. Suite 1, Lantana, Florida 33462.