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What is a foreclosure?
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What is the foreclosure process?
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What is a Short Sale?
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In a Short Sale, can the bank come after me for the shortage after closing?
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Why would a Bank accept a short sale?
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Who will pay the Realtor commission?
A foreclosure is the legal proceedings initiated by a bank or lender to force the sale of property used as collateral against a loan that is in default. The final act of this forced sale is the “Foreclosure”
Under Florida foreclosure law, a foreclosure begins when the lender files a lawsuit against the borrower suing for control of the property due to a default on the mortgage agreement. The Lender does not take the property, they petition the court to force the sale. If the borrower fails to appear at the court hearing, a judgment may be issued in favor of the lender allowing the borrower no recourse to stop the foreclosure on the property.
A short sale in real estate occurs when the outstanding loans and liens against a property are greater than the proceeds from the sale of a home, thus the home is being sold short of the mortgage amount. This occurs only when a home owner meets the qualifications, and the home owners lenders agree to allow a short sale. In the event of a short sale, a lender can release you FREE AND CLEAR from the property, and potentially fully forgive you of any deficiency! We can help, and our services are at no cost to you! In
Our primary goal is “NO” – We and our legal team work to obtain a full release for you. This release forgives any deficiency between the amount you owe, and the proceeds from the sale of the home. We work hand in hand with attorneys and title companies to professionally process this complicated transaction from start to finish. In any event, you should always contact a tax professional regarding tax ramifications, especially if it is an investment.
Our primary goal is “NO” – We and our legal team work to obtain a full release for you. This release forgives any deficiency between the amount you owe, and the proceeds from the sale of the home. We work hand in hand with attorneys and title companies to professionally process this complicated transaction from start to finish. In any event, you should always contact a tax professional regarding tax ramifications, especially if it is an investment.
Your lender does. They pay a regular Real Estate Brokerage fee, just like a home seller would in a traditional transaction, and just like they would if they foreclosed on your home. Again, you pay $0 out of pocket, period.
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