Florida Title Attorney Views HAFA Short Sales as Strong Option for Underwater Homeowners
Florida Title Attorney Views HAFA Short Sales as Strong Option for Underwater Homeowners
As a Key Largo real estate lawyer, I have written extensively on the potential benefits of short sales. A Short Sale is the sale of real estate where the proceeds from the sale are less than the balance owed on the property’s loan(s). As a result, the seller does not realize enough money from the sale to pay off the loan(s) in full. In a successful short sale, the lender allows the homeowner to sell the property for less than the outstanding balance of the loan(s). Because lenders that agree to take less than the full balance are being “shorted”, the term Short Sale was created.
Lately, many of the transactions we have closed are HAFA Short Sales. A HAFA short sale is part of the government’s Home Affordable Foreclosure Alternative program. If a seller qualifies for a HAFA short sale, the homeowner will receive a release from the any deficiency balance from his/her lender. The homeowner will also receive up to $3,000 in relocation money from their lender. Please call our Islamorada real estate lawyers to find out whether you qualify for a HAFA Short Sale.
As a Coral Springs title company which has closed thousands of real estate transactions on behalf of real estate professionals, many homeowners contact us about potential short sales. Many homeowners throughout Florida owe more on their house than it is worth. Sadly, many of these “underwater” homeowners lose their homes to foreclosure rather than negotiating a Short Sale.
If you or a loved one is “underwater” and considering your options, including a short sale, call the Coral Springs real estate lawyers at the Law Offices of Erik S. Bloom, P.A. today for a fee consultation. We are available to meet with you and to discuss your situation. Please call us at (954) 603-0550 or you can email us at [email protected] to schedule a complimentary appointment.
