CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Mortgage Loan Problems: Here’s How a Short Sale Can Help

Though financial issues can arise for any reason, for many people it is their home that causes them the greatest financial burden. After all, a home is the biggest investment for many families and as life changes, their ability to afford the amount they originally agreed to pay can change. Everyone assumes some amount of risk when taking on a mortgage and for some that risk fails to pay off.

If your mortgage loan is causing you problems and you aren’t sure how you are going to get your finances back on track, a short sale can help.

What is a Short Sale?

When a home is sold through a short sale, it means the mortgage the current homeowner has on the home is greater than the selling price. Obviously, this is not the most desirable of situations, but it is better than a foreclosure.

Whether or not a short sale is an option is determined by the mortgage bank. Usually, if the bank stands to benefit from a short sale it will allow one to occur.

Banks do not make money off of short sales in the traditional way, but there can be other benefits. Sometimes banks don’t want their reputation to suffer for having too many loans in default, which a short sale helps them avoid. They are willing to lose money on the sale of the home to protect their long-term reputation.

Short sales also help banks avoid auctions, which can end up costing them more than it loses on a short sale in the long run. This article explains a bit about the process of foreclosure and how a bank might benefit or lose money from a foreclosure.

What Should You Do If You Think a Short Sale Could Help You?

If you think foreclosure could be right around the corner, learning about and pursuing a short sale might be a good idea. Despite not having final say in whether or not a short sale is permitted, there are things you can do to improve your chances of using this financial tool.

First, it’s important to understand the process and that short sales don’t happen quickly. Your property must be evaluated to determine its worth and then you must submit a short sale request to the bank. Part of your request includes a hardship letter convincing the bank the home must be sold or you will have no choice but to accept foreclosure. Essentially, you are telling the bank you are desperate and at their mercy.

Should the bank not reject your initial short sale request, you will need to submit a short sale package with additional information and paperwork.

If you are facing financial hardship and the loss of your home seems imminent, we can help. We’ll help you understand your choices, which could include a short sale of your home or other options.

For more information, contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation and find out how we can help you get a handle on your finances.

 

Is Credit Card Debt Driving You to Bankruptcy?
Bankruptcy To-Do List: What to Do after Filing

Related Posts

Contact Us

First Name

Invalid Input
Zip Code

Invalid Input
Last Name

Invalid Input
Phone

Invalid Input
Email

Invalid Input
Case Details

Invalid Input
Security Code *

Invalid Input



For The Next 5 Days Get A Free Book About Bankruptcy



Contact Us For
More Information

Tampa Bankruptcy Attorneys - Law Firm Profile


Tampa Bankruptcy Attorneys - Law Firm Profile
Tampa Bankruptcy Attorneys - Law Firm Profile

Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer
Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer

Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney
Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney

Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater, St. Petersburg, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.