Following the mortgage crisis and resultant recession, many homeowners found themselves unable to pay their mortgages. Many were not even able to sell their homes for home values had plummeted to the extent that they could not get what they owed. Real estate short sales have become a popular way to remedy this situation; it allows the homeowner to avoid foreclosure. If you are considering a short sale, it is important that you work with a Minneola short sale attorney who will ensure that your rights protected.
Why Short Sales Are Possible
Short sales work because lenders otherwise face the real possibility of receiving nothing at all as they foreclose on a property. Generally, however, a homeowner must be delinquent on payments to qualify. A Minneola short sale attorney will help you through the process of the short sale and make sure that you follow all the steps necessary in order to complete the sale as quickly as possible.
Timeline Of A Short Sale
Numerous issues bear upon the time it will take for a short sale to be completed. Even the type of loan you have affects this. If you have a government-sponsored and funded home loan such as an FHA, there may be a delay. Some homeowners have to contend with having mortgage insurance as well.Your first step is to gather all the necessary documents. These include:• Bank statements for the past two months
Once an offer is made, the short sale package is submitted to HUD for approval. This can take anywhere from 60 to 90 days.
Your Minneola short sale attorney will tell you that there are many variables that can affect the time it takes to sell your property. For one, the buyer may become fearful and back out of the sale.
Work with an Attorney if You Are Considering a Short Sale
While it is not strictly required by law that you work with a Minneola short sale lawyer, you will find that it serves your best interests to do so. Call Merideth Nagel, P.A., Attorney at Law today to arrange a consultation. Call 352-404-4634 or toll-free at 877-580-6868
Serving West Orange County, Lake County, Sumter County & Marion County