Short Sale Attorney 813-222-8210
Tampa Short Sale Attorneys may help save you from a mortgage deficiency from your home, investment property or your business. We have been working with mortgage renegotiation and short sales since the start of the firm. Long before the mortgage crises, we would regularly help people renegotiate with banks or avoid bringing money to the table when a sale of property would not cover all amounts due on mortgages, taxes and other fees. Now with the current crises, we may be able to use the old tools to work directly with the bank, or go through the current processes with your bank’s or the FHA’s HAMP, HAFA and other allowed programs.
A short sale normally includes three separate negotiations: (1) negotiate a sale/contract price on the
property, (2) negotiate with the bank to get the bank to accept the agreed sale price, and (3) negotiate
with the bank to forgive the remaining debt. A short sale is a sale of real estate or other secured asset
where the proceeds of the sale fall short or are insufficient to pay off the lien or amount of the debt
owed against the real estate, car, truck or other secured asset and the owner does not have the money
to pay the difference and the mortgage or lien holder allow the sale. You must be very careful that
your short sale does not result in a deficiency or additional amount owed to the mortgage or lien
holder. A short sale does not necessarily mean that the bank, mortgage or lien holder forgives the
It is important to have the right attorney work with the bank to arrange the short sale and for you to
understand the process or you may wind up learning after the fact that you still owe the bank the
remainder of the loan. Unfortunately,almost every week, someone contacts our firm after a short sale is
completed and they were contacted by the bank to pay the remainder of the loan. It is best to have a
skilled short sale lawyer work on your case from the start. The cost is minimal compared with the
advantage and there is often little option to renegotiate with the bank once the deal is completed. If a
short sale is not done properly, you may wind up in bankruptcy.
The Short Sale Process
A short sale normally includes a financial disclosure, an explanation of hardship, and following the
bank’s procedure. Each bank has sets its own system for a short sale and determines what documents
they will require. Most banks will require a disclosure of all income sources, copies of tax returns, pay
advises, and bank statements. Once all documents are provided and the bank has a complete file,
they should elevate the file to a decision maker that will determine if the property owner is eligible for a
short sale, and if the proposed contract price meets the bank’s requirements. Note that the hardship
letter does not always need to be a cry of poverty, but may just be a statement that you have outgrown
the house and that it needs to be sold.
Typically as part of the short sale process we will engage in litigation with the foreclosure attorney to
assure that you have enough time to get the short sale completed. This may include a lengthy
discovery process, attacking the foreclosing bank’s paperwork, or general litigation and trial work.
Often the advantage to being engaged in litigation is the power to use the court’s power to order
mediation to command the bank to send a designated representative so we can have a single point of
contact with someone that can actually negotiate of decide the outcome of your short sale.
We work with real estate agents across the state and often in other states to negotiate short sales. We
offer free consultations and evaluations to determine if you would be a good candidate for a short sale,
and if you will have any negative tax impact from the short sale.
Some short sale programs could result in payment of moving money to the property owner. Note that
the program that you may be eligible for depends on your mortgage service as well as the end
investor behind the loan.
As a last resort we may also attempt to use foreclosure defense or Bankruptcy to meet your goals in
working with your distressed property.
The Courts and the legislature are changing the rules to help clear the court dockets and move
foreclosure cases quickly. If you are facing foreclosure you can no longer wait to respond. In fact filing
the wrong response may actually open the door for the bank to move faster. Even if your real estate
agent claims to be a certified distressed property expert, it does not mean that they have experience
litigating foreclosure cases, or dealing with banks in difficult short sales. You should speak with a short
sale attorney as soon as you realize you may have a problem with your mortgage, even if you have not
missed a payment.
Did you know:
Foreclosure Defense, Mortgage Protection and HOA Liens
Tampa Real Estate and foreclosure Defense Attorneys at the Galewski Law Group have been involved in over 1,000 cases this last decade, but we take a personal approach to each case. When we work to help someone save their home from foreclosure, from a mortgage company, a home owner association, or condo association, we put our heart into making sure that your interest, your home and your future are protected. We start with a discussion of your goals, which may include keeping you in your home, buying time to arrange other options, or protecting you from a deficiency judgment. We move from there to a series of avenues to reach your goals.
To help obtain your goals in foreclosure defense we reach beyond a typical law firm and have relationships with mortgage brokers for non-traditional refinancing, investors for short sales, realtors to assist in traditional sales, and we have our own Galewski Title Company
to conduct the transaction.
At the end of the day, your home is more than your castle, and your foreclosure matter is more than personal. There is no substitution for competent legal counsel. The decisions that you make now about your can have a long lasting impact on you and your family. I often say that everyone gets their day in court. There is rarely a second chance to come back and change things with the judge or in a settlement agreement. The same is true fore your foreclosure matter.
This means that you should do things correct the first time. Just because a friend went through a similar situation, does not mean that they have had the same case or that they know your situation. There is just no substitute for hiring the right law firm the first time. Call the Galewski Law Group at 855-Stan-the-Man or 813-222-8210 now and get a free consultation.
The Galewski Law Group provides Accident, Insurance Claim, Injury, Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense, mortgage modification, Divorce, and Personal Injury representation to clients throughout the Tampa Bay Area including Hillsborough, Pinellas, Manatee, Pasco, Polk, Sarasota and Hardee County and in cities that include Tampa, Clearwater, Dover, Seffner, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Safety Harbor, Lutz, Holiday,, Oldsmar, Sarasota, Crystal Beach, Bradenton, Lakeland, Brandon, Plant City, New Port Richey, Trinity, Spring Hill, Port Richey, Largo, Seminole, Pinellas Park, and Bartow.
1112 E. Kennedy Blvd. * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211