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Short Sale Counseling > Short Sale Counseling

Fort Lauderdale Short Sale Lawyer Serving All of Broward County

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A law firm helping homeowners in Fort Lauderdale – and throughout Broward County – with free information and a free initial consultation and a compassionate, committed focus on working with you, as a team, to achieve the best result for you and your home in a short sale.

If You Are Facing Foreclosure or Tired of Paying Your Mortgage – You Do Have Options! Maybe a Florida Short Sale Is For You….

Facing a foreclosure proceeding or paying for home that is worth less than the mortgage can be overwhelming and disheartening. Fortunately, you may have options for limiting your losses. Instead of letting your home be foreclosed upon, you can try to negotiate a short sale with the help of Larry Tolchinsky, an experienced Broward County short sale attorney. You can review Larry’s bio here.

If you have found that you are unable to keep up with a mortgage, Larry believes that a short sale is the preferred way to avoid foreclosure and can offer time and protection from a deficiency judgment, as long as it is done properly. Larry can help protect your rights when short selling your home and provide you with maximum flexibility as you explore all of your options.

What is a Short Sale?

A short sale is where a Florida homeowner finds a buyer to buy their home for an amount that is less than the amount owing on the mortgage home loan. That difference – subtracting the sales price from the mortgage balance — makes the sale “short” of covering what the seller owes on the mortgage.

If the lender holding the mortgage okays the deal (and you need to make sure that this is the proper party), then the short sale goes through and the third party buyer takes the house. The Fort Lauderdale homeowner has sold their home.

The Deficiency Factor in any Short Sale

This is good news for the Florida home owner because they’ve erased some of their mortgage debt with the sale, but there’s still a problem left for them under Florida law. That “short” amount, the number that is left when you subtract the sales price from the mortgage balance, remains alive as the “deficiency.”

The lender can still go after the Florida homeowner for the amount of the deficiency in a “deficiency lawsuit” unless the lender agreed in writing to take that short sale price as full payment on the mortgage and release its right to pursue a deficiency judgment. If the bank can get a deficiency judgment, they can execute that judgment against other assets that the homeowner has now, or in the future.

What Are Some Advantages to a Short Sale?

Short sales are a benefit to homeowners because they prevent mortgage foreclosure and they may be less damaging on FICA score / credit ratings than foreclosures. A short sale allows the homeowner to retain some measure of control over the process – unlike a foreclosure which is completely out of the homeowner’s control. A short sale also provides peace of mind and predictability because you know exactly when the sale will close and when you will need to vacate the property. There’s no risk that sheriff’s deputies will come to your door to evict you.

Finally, if you can close your short sale before December 31, 2012, you will have tremendous income tax benefit. For all short sales that finalize on or before the end of 2012, the mortgage amount that is not covered by the short sale price will not be considered as income for federal income tax purposes. As of January 1, 2013, it will be. For more information, read our discussion, “Five Things To Know About The Income Tax Break For Short Sales, Foreclosures, and Loan Modifications That Ends December 2012.”

Short Sale Preconditions – Items Your Bank Will Consider When Reviewing Your Request for a Short Sale

  • You have a hardship, such as a job loss, divorce, medical expenses, death of a spouse, medical emergency, etc.
  • You owe more than your house is worth
  • You are unable to afford your current monthly mortgage payment
  • You are unable to modify your current home loan
  • The lender must agree to accept a smaller payoff, however there is no obligation for them to do so
  • There is a qualified buyer who offers to purchase the property (without a buyer there is no short sale)

Why is Important to Hire an Attorney before You Start the Short Sale Process?

Negotiating a short sale is a complex process with many moving parts. Before you contact your bank or list your property for sale, there are steps you need to take in order to maintain maximum flexibility in addressing the issues related to a short sale. Some of the issues that should be addressed before attempting a short sale include:

  • Realtor commission issues
  • Default issues under the proposed real estate contract
  • Tax implications in the tax year in which the short sale is completed
  • Possible negative effect on your credit score
  • Deficiency judgment issues – Florida law allows the mortgage lender up to five (5) years after the foreclosure sale to seek a deficiency judgment and if granted, the bank has up to 20 years to collect. (This time period may change to one year if pending federal laws or Florida laws that are currently being debated are passed.)
  • Foreclosure during the short sale process – During the short sale process, the lender may file a lawsuit to foreclose on your home, even if you are attempting to work out a solution with them. The foreclosure lawsuit acts as a backup for the lender in case the short sale is not approved. Unfortunately, many people do not hire an attorney to negotiate the short sale or to defend them in the foreclosure lawsuit, mistakenly believing they can get the short sale completed before the lender can foreclose. Delays in the short sale process occur all the time. If the short sale does not happen and you haven’t answered the lawsuit, you may find yourself in a position where you have lost the ability to raise certain defenses to the foreclosure lawsuit. If this occurs, we can still help and we can help in those situations where the homeowner is engaged in the short sale process and the home is sold at a foreclosure auction.

Florida real estate attorney Larry Tolchinsky represents Homeowners and Buyers in Short Sale transactions occurring in Sunrise, Wilton Manors, Oakland Park, Lauderhill, Lauderdale Lakes, Plantation, Pompano Beach, North Lauderdale, Tamarac, Coconut Creek and all other cities in Broward County.

Blog Posts Related to Short Sales (by Larry Tolchinsky):

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Call (954) 522-0207 to Speak with an Experienced Fort Lauderdale
Short Sale Lawyer

Larry Tolchinsky is an experienced real estate attorney with extensive work in foreclosure defense, loan modification, and short sale negotiations who is here to answer your questions and evaluate your unique circumstances. When you work with him, you can be assured that your matter will be handled with professionalism. If you would like more information about short sale counseling or require the help of an experienced Real Estate Attorney in Fort Lauderdale or Broward County, contact Larry today.

You can contact him by phone at 954-522-0207 or by e-mail through this web site to schedule an appointment and learn more about Florida Short Sales. He offers a free initial consultation.

Or if you prefer to communicate online, then please feel free to fill out the “How Can We Help You?” form above for a no-cost case evaluation – or just to ask a question or two.


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Florida lawyers serving those living in the State of Florida including those living in the Miami Dade metroplex and the communities of Broward County, Florida including:


Sunrise | Wilton Manors | Pompano Beach | Tamarac | Coconut Creek | Cooper City | Plantation | Coral Springs | Dania Beach | Davie | Deerfield Beach | Fort Lauderdale | Hillsboro Beach | Lauderdale-by-the-Sea | Lauderdale Lakes | Lauderhill | Lazy Lake | Lighthouse Point | Margate | North Lauderdale | Oakland Park | Parkland | Sea Ranch Lakes | Southwest Ranches | West Park | Weston

DISCLAIMER: This website provides general information regarding legal injuries and their redress as defined by Florida law. This is provided for information purposes only and is not legal advice. It does not create an attorney-client relationship.