Gregory & Clark, PLLC Articles Short Sales in Florida

Short Sales in Florida

By Gregory & Clark   Nov. 1, 2010 10:30a

The Florida real estate market was hit hard in the collapse of the economy. Florida's foreclosure rate is the second worst in the nation (behind Nevada), with one in every 148 housing units in foreclosure according to RealtyTrac. Faced with a 12.4% unemployment rate and underwater mortgages, the residents of Florida are drowning in debt and feeling as if they have nowhere to turn. Fortunately, if you are living in a home and you are upside down on your mortgage, a short sale may be a much more sensible solution to losing your home to foreclosure.

Advantages of a Short Sale

Many people have found themselves trapped in a property purchase after the rates went up and the values plunged. In many cases, a short sale may be to the advantage of the property owner. With the assistance of an Orlando bankruptcy attorney, a deal can be worked out between the buyer and the current lender whereas you sell the property for less than the amount owed on the mortgage. In this case, you would not be liable for the remaining of the mortgage or the so called "deficiency." A short sale affords you the ability to protect your credit by avoiding a foreclosure on your record. 

With the Florida real estate market at an all time low and short sales becoming more widely known and used as an effective alternative to foreclosure, it's crucial to get the assistance of an experienced Orlando short sale attorney.  At Gregory & Clark PLLC, we have experience in dealing with short sales, foreclosures, loan modifications and bankruptcy. We will examine the details of your unique situation and help you come to a viable, reasonable solution to your housing situation. We are very familiar with the depressed Florida real estate market and have important connections with realtors and lenders so we are in an advantageous position, in order to better assist our clients.

Contact an Orlando Bankruptcy Lawyer at our firm today for a free consultation.

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