Understanding The Short Sale Process

Oldsmar short sale attorneys help guide their clients through the short sale process 

If you find yourself unable to afford your mortgage and there would not be enough funds to cover the mortgage after costs were paid in a traditional sale, talk to a short sale attorney in Oldsmar. Westchase Law will answer all of your short sale questions and assist you through the process.  

As discussed in a previous post, the concept of a short sale is not complicated. It is simply the mortgage company agreeing to allow a sale of a property at an amount less than the mortgage due. However, the process can become frustrating and having a qualified short sale attorney in Oldsmar in your corner can ease some of that frustration.  

The first and arguably the most important step of the short sale process is convincing the lender to permit the sale. In order for a lender to consent, the home owner will need to send a short sale package to the lender for its review and potential approval. Documents that might be included are tax returns, paystubs, a letter stating what hardship the borrow has, a comparative market analysis of the property, and sample closing sheet showing the approximate amount expected from the sale. A short sale attorney in Oldsmar can assist in the preparation of this package and its submittal to the lender. This process is known for being slow and needing someone to check regularly with the lender as to the status. Your short sale attorney in Oldsmar will keep your process moving as quickly as possible.

Once the lender approves your short sale, it’s time to find a buyer and move the process along. There will be more approvals needed from the lender that could take some time, but with some patience, the short sale will be completed and you will be able to move on.

The attorneys at Westchase Law are ready to be your short sale attorney in Oldsmar.