I Need Help Now
Special Discounts For
Hurricane Victims!
Nowack & Olson, PLLC
South Florida
Bankruptcy Attorneys
Free Consultation
888-813-4737

South Florida banks allowing more non-foreclosure short sales

Increasing numbers of banks are approving short sales before homes go into foreclosure in Broward County, according to a recent RealtyTrac survey. As more homeowners are facing foreclosure, more and more lenders are willing to help some people unload their homes before they foreclose. This can be a source of relief to those facing serious financial challenges.

In Broward County, these types of non-foreclosure short sales rose 60 percent from July through September compared with the numbers from last year. A short sale occurs when a lender agrees to allow the homeowner to sell the home for less than what is owed on the mortgage. Traditionally, banks wouldn't agree to a short sale until the home was already in foreclosure.

Homes that have been foreclosed on are those that have been repossessed and are now owned by the lender, in default on their loans, or scheduled for auction. Because the foreclosure process can take months or even years to fulfill, some banks are willing to speed the process up. A $25 billion national mortgage settlement is also encouraging some lenders to allow more short sales.

There are still a few banks that won't negotiate a short sale or other arrangements until the mortgage is at least 90 days past due. However, the jump in non-foreclosure short sales may be signaling a new trend. The streamlined time that some banks are working with struggling homeowners may give people more relief options, allow them to work with their lenders toward better resolutions, and even stop foreclosure with the help of an experienced bankruptcy attorney.

Source: Sun Sentinel, "Non-foreclosure short sales rise across South Florida," Paul Owers, Dec. 5, 2012

No Comments

Leave a comment
Comment Information
Email Us For a Response

Let Us Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Sunrise Office
8551 West Sunrise Blvd., Suite 208
Plantation, FL 33322

Toll Free: 888-813-4737
Phone: 954-349-2265
Plantation Law Office Map

Doral Office
8180 NW 36th St., Suite 102
Miami, FL 33166

Toll Free: 888-813-4737
Phone: 305-698-2265
Miami Law Office Map

Boca Raton & Delray Beach Office
6501 Congress Ave., Suite 100
Boca Raton, FL 33487

Toll Free: 888-813-4737
Phone: 561-463-2265
Boca Raton Law Office Map

Jupiter & Palm Beach Gardens Office
601 Heritage Dr., Suite 137A
Jupiter, FL 33458

Toll Free: 888-813-4737
Phone: 561-463-2265
Jupiter Law Office Map