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Serving Martin County, St. Lucie County, Indian River County, Okeechobee County, Palm Beach County, and surrounding areas.
Why Grazi & Gianino?

GRAZI & GIANINO, LLP

ATTORNEYS AT LAW

STUART, FLORIDA

A short sale occurs when a lending institution or bank accepts less than what is owed on the mortgage as a "short" payoff.


As the real estate market continues to decline, more and more homeowners find themselves owing more than what their properties are worth. Many are in situations where they can no longer afford to pay the mortgage or are being forced to relocate due to work-related circumstances.


For these reasons, "Short Sales" are becoming more popular with lenders and consumers as an alternative to the costly and time-consuming foreclosure process.


Why would a Homeowner do a Short Sale?

To avoid the long lasting and damaging effects that being foreclosed on will have on your credit.


In a foreclosure situation the foreclosing lender suffers a much larger loss on their investment. In some states, like Florida, the lender has the right to sue the homeowner for the deficiency balance, which in many cases forces the homeowner into bankruptcy.


When a homeowner opts to do a short sale instead of walking away from their obligation, they are "in essence" helping the lender recover as much of the lender's money as possible by selling the property for current market value. In return, the lender is less likely to come after the homeowner for the deficiency and in many cases we are able to convince the lender to forgive the remaining debt.


A seller will be able to purchase a new home much sooner after a short sale versus a foreclosure.


Sellers can generally remain in the property up until the closing date, and in most cases you will pay literally no closing costs if your lender approves the short sale.


Why would my Lender accept a Short Sale?

Lenders and their shareholders do not like excess inventory on their books, therefore if they see an opportunity where they can dispose of the property without the huge loss incurred after a foreclosure, most of the time they will take it. The loss for your lender after going through the foreclosure process is substantially higher than what it would be if the lender accepts a short sale.


Lenders also have increasing pressure on a federal level to get these distressed properties out of their portfolio since it affects their ability to make new loans or sell existing loans on the secondary market.


Below you will find a list of hardships that are common and frequently accepted by mortgage lenders.



Unfortunately lenders do not approve all short sales and this is why it is important to hire a sort sale attorney (real estate attorney) with extensive experience getting short sales approved. The  short sale lawyers of Grazi & Gianino have worked with many clients to help improve their situation.


If you are in need of legal advice for a short sale matter in Stuart, FL or Martin County, Fort Pierce and Port St. Lucie or St. Lucie County, Vero Beach or Indian River County, Okeechobee or Okeechobee  County, West Palm Beach or Palm Beach County, or surrounding areas, please call the Stuart, Florida short sale lawyer (real estate lawyer) of Grazi & Gianino now at (772) 286-0200.



Short Sales