Why A Miami Short Sale Negotiation Can Be Your Way Out of Foreclosure

Foreclosure is a big threat for many homeowners right now but very few know that a Miami short sale negotiation can be a clean way out. It is easy to panic and make the wrong decisions when you get a letter that your lender is coming for your home. However, if you sit and take a breather, you will see that things are not as bad as they seem.

Every lender that finances your home acquisition has a right to foreclose on the property when you default in your mortgage payments. They can apply to the court for permission to sell your home and recoup any amount that is left unpaid on the mortgage, including interest.

Statistics show that this is happening now more than ever. According to statistics, as of July 2013, one in every forty-three homes was facing some kind of distress. And these numbers are in spite of the recent rally in the Miami real estate markets.

However, no one likes to see people deprived of their homes because they could not meet up with some mortgage payments. Homeowners do not like this and, you may not know this, but lenders like it even less. Having to institute the foreclosure process means they have to spend more to recoup their investments on the mortgage.

The good news is: this does not have to happen. It is possible to save the property from foreclosure through a Miami short sale negotiation. Here’s why it may be your best bet, both as a homeowner and a lender.

What Is a Miami Short Sale Negotiation and How Can It Help You?

A Miami short sale negotiation provides a way to get a win-win for both the lender and the homeowner. It allows you both to walk away from a sale of distressed property, knowing you got the best from the deal that you possibly could.

Due to the unfortunate disparity that sometimes occurs between value of real estate and the value of the mortgage, a lot of people will find themselves on the losing end if the property is sold through a foreclosure process.

The homeowner will walk away from the sale still owing obligations on the property while the lender will conclude the sale knowing they still have a huge chunk of their investment out there.

In a Miami short sale negotiation, both lender and homeowner sit and discuss the sale of the property at a mutually acceptable price. They also negotiate for the lender to waive any amounts outstanding after the sale, either for a negotiated amount or as part of the original sale.

This has great benefits for both sides. While a lender can still sue for the outstanding amount in a foreclosure, there is a binding agreement to waive the outstanding amounts after a Miami short sale negotiation. This removes liability from the homeowner and allows the lender to make a clean break from the arrangement.

We Can Help You Seal the Deal

Negotiating a short sale agreement requires more than a knowledge of contract law and drafting. It is necessary to have the aid of experienced legal counsel that possess niche skill in real estate and negotiation.

Our lawyers at Jurado & Farshchian, P.L. have negotiated millions of dollars in short sales between various clients. Homeowners and lenders have come to rely on our smart negotiation and persistent representation in Miami short sale negotiations.

We’d love nothing more than to add you to our list of satisfied clients. Call us at (305) 921–0440 or send us an email to [email protected] so we can listen to your case and advise you on how best to get value from your short sale.

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