SHORT SALES & FORECLOSURES DEFENSE

Miami short sale is a process where a lender chooses to accept to acquire back property from the borrower with the value lower than what they still owe on the property. A short sale is an alternative to foreclosure for a homeowner if they feel they are not able to meet their mortgage demands. Moreover, the short sale approach can be used if a property’s status becomes “underwater”, meaning the value is currently lower than the amount it was received from the lender.

Mostly, the lender (bank), as a component of the agreed sale, will discharge you from paying to meet the financial gap. The gap here is the discrepancy between the initial debt amount and the said short sale amount. Nonetheless, that is not given. Hence, you should keep that in mind even as you opt for a short sale.

Advantages of a Miami short sale

Most people take a short sale as something detrimental to their credit. But, compared to a foreclosure, a short sale becomes a good option that is less harmful. If you choose to go for a foreclosure, your credit score there will be a possibility that your credit score will be affected from 175 to 300 points. Secondly, this will be noticeable in the public documents. On the other hand, a short sale will only be viewed as a “settled for less than the full amount” or something of the sort in the credit score terms. The good thing about the short sale is that it won’t be realized by an employer or organization interested in your credit record. Should you be involved in a short sale, your score will just drop by about 50-60 points if the other credit history is good.

Homeowners can benefit from some financial motives when using a short sale. More so, other costs and extra charges to the borrower and the lender may be eased- not forgetting that banks can sometimes offer financial stimuli to sell your property using the short sale.

Requirements for qualification

To easily qualify for a short sale, be proactive and take charge. Don’t wait until you receive some foreclosure notifications. Take a step and call your lenders and request their short sale terms. Carefully study their terms as you will be governed by them of which you have to attain to qualify. It is also worth noting that you need to have self-discipline and meet their deadlines to have a successful short sale.

Requirements for qualification

Notwithstanding, you may choose to have Miami foreclosures. Either way, Miami Title & Escrow is there to help you in short sales and foreclosure. Our team will there for you from the start to the end to ensure maximum returns for your investments. For a short sale or foreclosure, you will need a critical analysis of which our team is ready to walk with you through every bit. The processes will be made effortless by our multi-lingual crew with giving you a regular update on your transaction.

To serve you better, you will be assigned to one of our Miami title & Escrow staff. They will get deeper into the finer details of your short sale or foreclosure ensuring that you get what you deserve.