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Short sales overtake foreclosure sales nationwide

A short sale in Broward, Miami-Dade, or Palm Beach may be the way to go. Short sales are catching on and for the first time there are more short sales than foreclosure sales as reported by Bloomberg's Scarlet Fu.

Many people ask us if a short sale is the best solution for their pending foreclosure. As I have stressed time and time again, there is no one-size-fits-all solution for struggling homeowners. Short sales are one solution of many and is appropriate for some, but not for others.

In a short sale, the obvious down-side is that you are not saving your home. Probably the biggest up-side is that you are most likely eliminating a bankruptcy later on down the road if the bank were able to complete their foreclosure. If you are trying to keep your home, short sale is definitely NOT the route to go.

Further, the biggest pitfall in a short sale is the possible deficiency. This is the difference between what is owed and what the property sells for. The bank may be able to come after you for the difference. However, if they waive the deficiency, there could be significant tax consequences to you. The bottom line is to get the right advice from an experience foreclosure lawyer.

Only an experienced foreclosure attorney who is well versed in foreclosure defense, loan modification, short sales, deeds-in-lieu, TILA lawsuits, FDCPA lawsuits, FCCPA lawsuits, and bankruptcy can properly advise you on all of these matters and help you determine what the best solution is for you. At Loan Lawyers, we will give you a free consultation in Broward, Miami-Dade, or Palm Beach County.