Inheriting a home in foreclosure or upside down on the mortgage? You still have options!

In the event of a loved one’s passing, the last thing you should have to worry about is navigating a complex legal process. With the help of our team of probate attorneys, that process doesn’t have to be draining.

Free Virtual Consultation

Call (305)-547-9577

About Short Sales

A short sale is a sale of a property in which the proceeds from the sale are not enough to pay off the outstanding mortgage balance. This can occur when the homeowner is unable to make their mortgage payments and is facing the possibility of losing their home to foreclosure. In this case, the homeowner may be able to sell the property through a short sale in order to pay off the mortgage and avoid foreclosure.

In a short sale, the homeowner must negotiate with the lender to accept the sale proceeds as payment in full on the mortgage. This can be a complex process, as the lender must agree to the sale and may require the homeowner to provide documentation of their financial hardship. The lender will also typically require the homeowner to list the property for sale at a price that is below the outstanding mortgage balance.

If the lender agrees to a short sale, the homeowner can sell the property and use the proceeds to pay off the mortgage. The homeowner will be released from any personal liability for the mortgage, meaning they will not be required to pay any deficiency remaining after the sale.

Risks of Short Sales

While a short sale can be a way for homeowners to avoid the time and expense of a formal foreclosure process, it’s not a perfect solution. It can be a lengthy process, and there are no guarantees that the lender will agree to the sale. In some cases, the lender may require the homeowner to sign a promissory note agreeing to pay back the deficiency at a later date.

Short sales can also have negative consequences for the homeowner’s credit score, as they are reported to credit bureaus as a negative event. The homeowner may also be required to pay taxes on the forgiven debt.

There are several factors that can affect the likelihood of a lender agreeing to a short sale. These include the value of the property, the amount of the outstanding mortgage balance, the lender’s policy on short sales, and the homeowner’s financial situation. It’s important for homeowners to carefully consider these factors and seek the advice of a housing counselor or attorney before proceeding.

Short Sale Solution

If you’re facing pre-foreclosure and are considering a short sale as a solution, it’s important to act quickly. The longer you wait, the less time you will have to negotiate with the lender and find a buyer for the property. It’s a good idea to communicate with your lender as soon as you may start having trouble with mortgage payments, as this can increase the chances of being able to negotiate a short sale.

The home Defenders - Probate Process

Ease the stress of Being Named an Executor

If you have been named an executor of a loved one’s will, making sure that person’s wishes are met can be stressful and emotional. A probate attorney helps take some of that stress off your shoulders. We will walk you through every step of the process from proving the will’s validity to assessing the value of any property involved. We are here for you.

Determine and Pay Debt, Taxes and Bills

When a person passes, their debt, bills and any taxes they owe must be paid before their assets can be distributed as outlined in their will. Your probate attorney can determine what those debts are and how they can be managed so that you may focus on yourself and your family during this time.

Ensure Assets Are Distributed According to the Will

Unfortunately, the process of dividing a person’s assets following their death can sometimes become ugly. Wills can be contested, and beneficiaries may disagree with the way assets are distributed. We will follow the instructions left behind by your loved one before passing and make certain you receive what is fair and what you deserve.

FREE Virtual Consultation
Call (786)-766-7619

We're available 8:00 AM – 5:00 PM AEST