It is no secret that the significant decline in local property values over the past several years have left many people with mortgages on their property which are affordable to them and that exceed the value of that property. As such, in order to sell a property encumbered by a mortgage which exceeds the property value, it is necessary for the property owner to go through the short sale approval process.
The property owner must obtain the written consent of the lender/servicer to sell the property for less than the debt owed on the mortgage. The short sale approval process is cumbersome, detailed, lengthy, and can be very frustrating, especially if you are not experienced in the world of short sales. Each lender/servicer has different short sale submission requirements and procedures which can be difficult for the first time short sale-seller to navigate.
Although a short sale approval on certain terms cannot be guaranteed, the real estate attorneys at Syprett, Meshad, Resnick & Lieb can be of substantial benefit to you in guiding you through your lender’s unique short sale approval process and provide competent representation from the short sale package submission to approval and then to the ultimate short sale closing. Please call our Sarasota office at 941-365-7171 or complete the form on this page to speak with a member of our team.