Foreclosures and Short Sale Details from Foreclosure Lawyers in West Palm Beach
Though financial hardships are not uncommon, they may be severe enough to call for foreclosure lawyers in West Palm Beach. Of course, everyone wants to find a way to keep their homes, and sometimes, that’s an option. For others, a foreclosure may be the only solution.
Difference Between Short Sale and a Foreclosure: Foreclosure Lawyers in West Palm Beach
A foreclosure and a short sale are entirely different. A foreclosure is a legal process where the creditor decides to take the property away from the owner. Usually, the home is collateral for the debts that are not paid. Mortgage payments fall behind, and homeowners start receiving threatening, foreclosure letters from a lender.
Alternatively, short sale homes sell with the lender’s permission. The proceeds of the short sale go back to the lender, as a way of making up any unpaid debts. The name comes from the price being, “short.”
There are pros and cons to both. On the one hand, filing for foreclosure can give homeowners a clean break, giving them the chance to start fresh. However, the act of a foreclosure drastically negatively impacts credit scores. It will also remain on the record for seven years, making buying another home or renting another location more difficult. A short sale has little impact on credit if the homeowner is keeping up with payments, and the credit hit only lasts on the record for 18 months. Naturally, a borrower who let their payments fall to the wayside will have a more substantial blemish on his credit report.
Each stressful homeowner must take a look at their current situation and decide which options are best for them. Thankfully, Florida homeowners don’t have to go through this process alone. Bruce S. Rosenwater & Associates helps defend struggling homeowners with their debts. Their assistance stretches as far as loss mitigations, loan modifications, strategic default, Deed in Lieu, short sales, debt relief, mortgage modifications and more. If you’re a Florida resident in the process of losing your home, contact their office as soon as possible.
The sooner you can get a professional on your side, the better. They’ll walk side-by-side with you through your journey, and advice you on the best paths to take. Don’t feel burdened by the big decisions ahead of you. Call top foreclosure lawyers in West Palm Beach at 561-320-8219 now! All it takes is one conversation to help turn your situation around.