Blog

Parker & Associates, P.A.

Parker & Associates, P.A. is a full-service residential and commercial real estate law firm

What Is The Difference Between A Short Sale And A Foreclosure

If financial hardship has made it impossible for you to remain in your home, you have two options - Short Sale or Foreclosure.

This summary will help you understand the consequences of these two processes.

SHORT SALE

A short sale is a transaction in which the lender has agreed to accept less money than they’re owed on the mortgage loan. If you need to sell your home, but you owe more than the home is worth, this may be a good option for you.

In order to qualify for a short sale, you must first provide your lender with:

  • Documented proof of financial hardshipRecent sale prices of comparable homes
  • The lender must then approve the short sale before you can list the home and each offer must be reviewed by the lender before you can accept it and close on the sale.

If you manage to avoid late mortgage payments, a short sale can reduce your credit score by as little as 50 points. Late payment, however, can result in drops of as much as 200 points.

Continue reading
921 Hits
0 Comments
16 March 2019
Parker & Associates, P.A. Blog
A Florida land trust is a device by which Florida real estate is conveyed to a trustee under an arrangement that gives full management and control of the property to its beneficiaries. The trustee can execute deeds, mortgages or other deals related t...
15 March 2019
Parker & Associates, P.A. Blog
Probate is the legal process by which a will is proven valid or not and, in the absence of a will, the process is required in order to transfer ownership of the decedent’s assets to the beneficiaries. The process can be lengthy and costly, typically ...
15 March 2019
Parker & Associates, P.A. Blog
You may not realize it, but you have an estate and “Estate Planning” isn’t just for the rich. In fact, for families with relatively modest assets, good estate planning is crucial because they can afford to lose less of their wealth. Your estate consi...
08 January 2019
Parker & Associates, P.A. Blog
It has become the norm to store financial records in smartphones, computers, or the cloud, and to conduct financial transactions electronically. Most people also own a trove of digital assets, which can include anything from domain names and electron...

Search