Best Short Sale Attorney, Dade County - By: Alice Shown

Many people in the US are facing hardship in making the monthly mortgage payments. As a result, they are on the verge of opting for foreclosure. As foreclosure badly hits a credit report, some are also opting for short sale instead. This article gives an overview of short sale and the steps involved in it.

When a home owner is unable to make payments toward his mortgage, he negotiates with his lender to agree upon a short sale. Short sale (or pre-foreclosure sale) involves selling of a home wherein the lender agrees to accept less than the amount owed on the mortgage. Short sale happens when there is not enough equity to sell and pay off the mortgage debt. Moreover, if the home is located in an area where home prices are on decline, then it may be sold off for less, at a price that isn't enough to cover the loan balance. The lender agrees to forgive the balance debt amount and gives the homeowner a clear title. The credit score will not lower as it would have been in cases of foreclosure.

Prior to filing for short sale, a debtor needs to find out the true value of the property. He can get help from a real estate broker, who can provide him with an estimate of the property value. After this he needs to calculate the total amount owed against his property. This is based on the entire mortgage taken against the property. The debtor also needs to calculate the closing cost including appraisal, agent's commissions, escrow, unpaid property taxes, title report, and so on. The debtor also has to convince the lender about his inability to repay the mortgage. However, until the debtor has missed two or three payments, a lender does not consider short sale. He also needs to find a buyer in order to sell the property. The lender will have to approve the buyer's offer. There are tax obligations in a short sale. For this, a person needs to talk with a short sale attorney. A short sale attorney can help him in getting an estimate of how much he will have to pay the IRS after selling the property.

Are you looking for a reliable and experienced short sale attorney? Dade County is one such place in the United States where you can take advantage of the services offered by Jorge Gaviria Law Firm. To know more about them visit http://www.miamiforeclosurelawyers.com. This reputed law firm will render their help in every way to make you free from all financial obligations. Contact them now.

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