Understanding Lake Mary Short Sales
Many Lake Mary homeowners have little knowledge of what a short sale actually is or that it can be a viable option to help a homeowner avoid foreclosure. Because of the increasing number of Central Florida homes sliding into foreclosure, we offer this easy to understand information on a Lake Mary short sale.
Practical Lake Mary Short Sale Advice
The following is a brief explanation of a short sale which includes both practical and legal issues surrounding a Lake Mary short sale. Before providing any information on this topic we must advise that we are not attorneys nor do we practice law. For legal and financial counsel in the realm of short sales, the Summers Realty Team recommends you secure the services of an attorney, a certified public accountant or other expert regarding the potential consequences of your Lake Mary short sale.
What is a Lake Mary Short Sale?
Often discussed in association with foreclosures, a short sale exist when a Lake Mary property is value below what you owe to your mortgage company. A short sale is negotiated with holder of your mortgage holder(s) of your Lake Mary home and the mortgage holder(s) agrees to accept a loan payoff that is less than what you owe on the property.
Short Sale Hardship Letter
Your lender will determine if a short sale is an acceptable option. As a Lake Mary homeowner and seller, it will be necessary that you provide a "short sale hardship letter" describing why you are appealing for permission to conduct a short sale of your Lake Mary home. Review a sample short sale letter here.
How You Benefit From a Short Sale
As a Lake Mary homeowner, you benefit from a short sale because you get out of a stressful financial situation without going to foreclosure. Remember, a foreclosure can cause serious credit damage for 7 years. Most lenders have no desire to take your home in a foreclosure because of the costly nature of the process.
Lake Mary Short Sale Specialist
Many Lake Mary homeowners just like you face difficult financial decisions about their home. To review your short sale options, click or call the Summers Realty Team today for a confidential consultation on your home selling options.
Lake Mary Realtors, the Summers Team, will do our best to provide you with current and accurate information. However, we are not attorneys nor are we accountants. We strongly recommend you please consult with your attorney or CPA for further information and how this information may affect you personally.
Charles Rutenberg Realty is not associated with the government and our service is not approved of by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.