Charles P. Castellon

Tax Break Expiring Soon

We have been closely following the Mortgage Debt Relief Act that is scheduled to expire at the end of the year.  This CNN Money article highlights the importance of this law for many distressed home owners across the country hoping to close a short sale in time to avoid a big tax bill.

The Benefits of a Short Sale

When you’re facing the reality of falling behind on your mortgage payments, it is important for you to understand your options. Although your lender may be threatening foreclosure, you have other choices to avoid giving up your home altogether. To better understand these options, you should always talk to a foreclosure defense attorney about your individual situation. In many cases, choosing to short sell your home offers many benefits.

Protect Your Credit

When you enter into the short sale process with your lender, you can avoid detrimental effects on your credit score. When your home is foreclosed or you file for bankruptcy, it can take years to recover your credit score. Working with a defense attorney to short sell your home allows you to keep your credit score higher, improving your ability to get loans and a mortgage in the near future. In addition, a short sale will be completely wiped off your record in three years or less.

Save Money and Avoid a Deficiency Judgment

Going through foreclosure without a defense attorney can cost sellers thousands of dollars in fees and additional costs. However, if you and your lender agree to short sell your home, you won’t encounter as many added costs throughout the process. Additionally, a foreclosure also often results in a deficiency judgment, making you responsible for your unpaid debt. If you can short sell your home for a reasonable price, your lender is much less likely to pursue a deficiency judgment through your foreclosure attorney.

Maintain Employment and Security Clearances

Foreclosures on your credit score can eliminate your ability to get security clearances that are required for certain jobs. In addition, a foreclosure goes on your credit report for up to seven years and can cause you to lose your current job or not get work in the future. Short sales will not appear on a credit report your employer checks, and so going through a short sale will not have an effect on your current or future career.

If you are facing the possibility of losing your home, talk to a Florida defense attorney about seeking a short sale agreement with your lender. Charles P. Castellon, P.A. is a foreclosure lawyer who will help you fight for your home and enjoy the benefits of a short sale agreement. Call (407) 851-0201 to get started.

These Sites Provide More Information on Short Sales

At the Law Office of Charles P. Castellon, our top priority is keeping you in your home. Our foreclosure defense attorneys have years of experience and knowledge that allow us to effectively fight against foreclosure. For any concerns about real estate or your home, call us at (407) 851-0201.

• Read more about common buyer mistakes during the short sale process in this article from the mortgage experts at Bankrate.com.
• This online real estate magazine provides more advice on what to avoid while you’re buying a short sale home.
• Read this mortgage website’s article about what not to do when you’re looking for a short sale.
• Check out this Chicago Tribune article to learn about the recent changes to the laws about buying short sale homes.
• This MSN Real Estate article explains how the new short sale laws are designed to help homeowners keep their homes and avoid foreclosure.

What to Expect from the Short Sale Process

In the current real estate market, most homebuyers are considering short sale options. Short sales allow homeowners to avoid foreclosure if they have recently experienced financial hardship or if they owe more on their home than it’s worth. While short sales can be beneficial for homeowners, homebuyers, and lenders, it’s always important to ensure you’re protected from the many risks by consulting with a short sale attorney.

• The Seller: When a seller decides they want to short sell their home, the lender requires them to submit a complete package of information. Before this, the seller will hire an agent to work with the bank, homebuyer, and defense attorney. This package generally contains a letter of hardship explaining why a short sale is necessary, several documents regarding the seller’s financial situation, and a list of values on comparable homes.
• The Buyer: When a buyer wants to make an offer on a short sale home, the first step is talking to a foreclosure attorney to ensure the home is a viable option that is worth considering. Then, working with your short sale attorney, you will write a short sale offer and send it to the homeowner for approval. If the homeowner accepts the offer, it is sent to the lender.
• The Bank: Banks typically take between one and four months to approve a short sale. At the bank, one or more negotiators will be assigned to your offer. This person will be in contact with your agent and short sale lawyer throughout several processes, including an appraisal called a BPO, an official review, and the signing of an affidavit. After this, the bank will issue a denial or approval for the short sale.

If you’re considering buying a short sale home, it’s important to understand the process and seek advice from an experienced foreclosure attorney. Charles P. Castellon, P.C. has helped hundreds of Florida residents navigate through the short sale process and get the home they’ve always dreamed of. To speak with a knowledgeable short sale attorney, call (407) 851-0201.

Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Ticket Give Away for Rainmaker Retreat- Oct. 26-28

The firm of Charles P. Castellon PA has 4 tickets to give away to Augie Byllott's Rainmaker Retreat educational seminar from October 26-28 in Celebration, FL.  Please call our office at 407 851-0201 if you're interested in attending this great event and see this video for more information.