FAQs about a Short Sale

What is a Short Sale?

When you owe more on your mortgage than the house is worth, you would normally have to pay the lender the difference when you sell your home. If you don't have the money to do that, but need to sell your home for less than the mortgage, sometimes the lender will agree to take less and release the lien. This is called a short sale.

How do I get the lender to take less?

You can negotiate with the lender yourself, or have a licensed attorney negotiate for you. The negotiations can sometimes be started, but never concluded without a buyer for your property and a valid contract. So it helps to work with a real estate agent to find a buyer and enter into a contract. Even with an attorney working on your behalf, you will have to help in the process by providing timely, accurate information about your situation, by writing a hardship letter, and other activities.

Will I make money on a short sale?

No. Lenders will not agree to a short sale if the contract allows for the seller to take any money away from the closing.

I've heard of scams about this. How do I protect myself?

Beware of anyone who promises results with 100% certainty - especially if they don't know the specifics of your situation. And if someone requires you to pay a fee up front, make sure they are a licensed attorney and you are paying for legal advice. The attorney who owns Cooperative Title gets his fee at closing, so there is no up front fee for his services, and never a fee to the agent or broker.

How long does it take?

That depends almost entirely on the lender. Beware of anyone who promises results in a certain amount of time. Our staff will contact the lenders again and again until we get a resolution. We will keep you updated by email as the process moves along.

How do I get started?

Call the office of Attorney Rodger L. Spink at 954-392-9994 or email Info@CoopTitle.com to get started with a Short Sale Package