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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 homesThe 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.

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Parker & Associates, P.A.
1800 Second Street, Suite 700
Sarasota, FL 34236

PH: 941-952-0600
FAX: 941-952-0601

Email Contact

General Contact
Ted Parker
Kathy Morgan
Diana Balazs

Practice Areas

Real Estate Trust
Short Sale Negotiations
Corporate Law
Estate Planning
Landlord Tenant
Probate

 

 

Information on this web site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us for more information however contacting through the site us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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