Some say that foreclosed homes are loans gone wrong. Foreclosure occurs when the borrower has failed to keep up mortgage payments and becomes at risk of losing his or her home. Lending institutions initiate the foreclosure process to reclaim mortgaged property due to the homeowner’s alleged default in payment.
Despite the recent surge of the South Florida real estate markets, Florida continues to have one of the highest foreclosure rates in the United States. Recent statistics show that as of July 2013, one in every forty-three homes is in some form of distress. And it turns out that Florida is one of the five states with the highest number of foreclosures in the past year, weighing in at about one hundred thousand foreclosed homes.
This is dire news not only for the homeowner or the borrower, but for the financial lending institution as well. It does not matter which role you take part in the process, foreclosures bear negative impacts on the borrower, lender, bank, real estate developer, property owner, or contractor. Fortunately, there is a way to save a property from foreclosure in the form of a short sale or loan modification.
Many South Floridians have found themselves in trouble with depressed real estate prices and exorbitant home loans. Many homeowners cannot sell their homes because they owe the bank more than what their home is worth in a sale. In this situation, selling would result in a negative difference between the mortgage amount and the sale price of the home. This is a called a deficiency and means that the seller will walk away from the home sale still owing money to their former lender.
The goal of a short sale is to have the homeowner walk away from his or her predicament without a deficiency. During a foreclosure, the bank can sue the property owner for the deficiency. But in a short sale, the owner can sell the property at a mutually acceptable price and then negotiate with the bank to waive the deficiency. That is the primary benefit of a short sale.
For many years, clients in the Miami, Palm Beach, and Broward areas have come to rely on ESQ.title for aggressive and smart representation in short sale negotiation. The law firm is comprised of real estate attorneys and business lawyers who have successfully negotiated millions of dollars in short sales between borrowers and lenders. The firm is also experienced in advising homeowners, companies, and investors with regards to the resolution of the short sale negotiation, loan and lease modifications, foreclosure defense and refinancing.
ESQ.title is effective because it has a firm end goal in sight—to achieve the best result possible for all parties involved in the short sale.
The process of short sale negotiation requires skill, knowledge, and experience—the kind that ESQ.title has helped numerous clients with. Contact the law firm’s experienced real estate lawyers today for a free legal assessment covering your foreclosure defense, short sale and loan modification options.