A short sale is a form of loss mitigation. Generally a short sale is when the homeowner who is in default or is in foreclosure goes to sell the home and the amount owed on the mortgage is more than the fair market value of the property. So the lender has to be shorted meaning the lender has to accept less money than what they are actually owed.
So in order to do that you have to process the short sale and submit financial documentation of the homeowner to the lender in order to determine whether the lender wants to accept a short sale or not. And it’s also important in the short sale that the offer be comparable with market value to entice the lender to accept and approve the short sale.
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Law Office of Ray Garcia, P.A.
Our mission is to provide our clients with legal services that not only meet their needs but exceed their expectations. We approach all practice areas with care, knowledge, experience, and determination. Trusted In South Florida For Decades.
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