South Florida Short Sales

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We all know the real estate market in Aventura and South Florida is changing. There have been many questions relating to short sales and preforeclosures, so we asked Richard Becker, an attorney in South Florida, to submit an article regarding this topic. This is what he sent us. Enjoy. If you find this article helpful, pass it on.


Overview of Short Sales and Preforeclosure

The increase in foreclosures throughout South Florida, specifically North Miami Beach and Aventura, combined with the current decrease or deflation of property values, has led to a rise in short sales. A short sale in real estate occurs when a loan against a property is higher than the property’s current market value. For example, if at the height of the market boom in 2005 you purchased a home for $400,000 you probably put 10% down and used an adjustable rate mortgage to finance the remaining $360,000. Now, in 2007, with the recent drop in values, the home is only worth $300,000 and you, as the owner, are upside down on the property. You owe more on the mortgage than the home is worth.

If the rates on your adjustable loan went up in the past few months or you recently experienced some hardship making it impossible for you to keep up with your monthly mortgage payments, you’re in danger of going through a foreclosure. You may have begun missing payments or have already received a Lis Pendens Notice. Unfortunately, many people in this scenario freeze like a deer in headlights and are unable to take action. They ignore the letters and notices and simply allow the foreclosure to happen. They never look at alternative options which may be available, such as negotiating with the lenders to catch up on payments, refinancing the loan, selling the home through a short sale or filing for bankruptcy. Each option has its own benefits. For example, if your hardship is only temporary or you expect to receive a large sum of money in the near future, a negotiation with the lender may be a great alternative for you. If, on the other hand, this is not a viable option, trying to sell the home though a short sale may be the way to go. If the short sale goes through, the lender will agree to sell the home for less than you owe. Going through with the short sale can help you build your credit score back up faster than if you are forced to have a foreclosure on your report. Finally, since there are never any guarantees when it comes to selling a home or being accepted by the bank for a short sale, there is always the option of filing for bankruptcy.

Every scenario is unique and every option can have a variety of ramifications on you and your future. It is strongly recommended that if you are having difficulties making your monthly mortgage payments that you contact a specialist so that you may discuss your options in further detail.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements.

Submitted by:

Richard Becker, Esq.
305-508-7202

After doing some research on this subject, I came across a great clip on YouTube. Take a look...