Orlando Foreclosure Help

Should I Do a Short Sale?

Pros and Cons of Short Sales to Prevent Home Foreclosure in Florida

Homeowners in financial trouble face unmanageable mortgage payments creating a significant debt and possible foreclosure.  Falling home values can compound the problem when the home is worth less than the amount owed.  A short sale offers a way to eliminate the burden by selling the home for less than what is owed.  However, they can still bear some liability depending on the mortgage contract, and there may also be negative credit and tax consequences.  In many cases, mortgage debt is not the only problem people face and a short sale will not be the answer for everything.  In fact, oftentimes there is no need to do a short sale because filing Bankruptcy offers a better solution.

At the Law Offices of K. Hunter Goff, P.A., we provide experienced legal advice to homeowners seeking debt relief help throughout Central Florida, including Orlando, Lake County and Tampa.  We will help you weigh the pros and cons of short sales based on analyzing your particular financial situation.  Contact us to learn more.

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What are the benefits of a short sale?

Depending on what other debt you may have and your specific mortgage agreement, a short sale can allow you to avoid foreclosure and eliminate paying back the full amount of the mortgage loan.  While a lender must approve the short sale, and you must have a willing buyer, your lender may be more willing to negotiate terms in today’s mortgage crisis rather than bear the burden of insuring, maintaining and selling the property themselves.

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Is there a downside to short sales?

You may be liable for any losses you take on the home.  For example, if you still owe $400,000 on a home you can only sell for $350,000, even if the bank agrees to the short sale, you could still be held liable for the $50,000 deficiency balance.  A short sale of a person’s non-primary home, and in some cases even a primary home, could also create an IRS tax liability for the debt forgiveness.  There may also be consequences to your credit rating and, if you cannot pay the deficiency right away, the lender could seek a judgment against you.  We will evaluate your needs and advise you on the proper course of action.


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Contact our Florida law offices to discuss your case

Filing for Bankruptcy can eliminate a deficiency liability created by a short sale and eliminate the possibility of a lender suing you for money owed on a home loan.  Consulting with an experienced lawyer will help ensure you make smart choices for effective debt relief.  Our skilled foreclosure and Bankruptcy attorney will help you weigh the pros and cons of short sales, and what makes the most sense for resolving your needs.  The sooner you contact our law office for help the soon you can prevent foreclosure.

Take control today. Call us at 407-898-8225.

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Why Choose Us?

At my Orlando Bankruptcy Law Firm of K. Hunter Goff, P.A I limit my practice to helping people file bankruptcy and receive protection from creditors under Chapter 7 and Chapter 13 of the United States Bankruptcy Code.

Over the years, bankruptcy has evolved into a specialized area of law.  I take pride in knowing how the Orlando Bankruptcy Judges, Trustees, and Creditors’ Attorneys interpret the Code.  I use this knowledge to ensure that my clients know what to expect when they file for bankruptcy. I take a non judgmental approach to the decision my clients make to file for bankruptcy.

I understand that you probably have tried every other possible financial alternative before deciding to contact an Orlando bankruptcy lawyer.  Please allow me, an experienced Orlando bankruptcy attorney, to show you how I can help you by calling 407-898-8225, for your free case evaluation.

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