Foreclosure vs. Short Sale

Explanation by the Foreclosure Defense Attorney in Jacksonville, FL

Having a bank foreclose your property can badly damage your credit rating—in fact; a foreclosure will stay in your credit record for at least 7 years, affecting all other areas of your finances. The good news is that preventing a foreclosure is possible: You can try short-selling your property. To do this effectively and successfully, you need an aggressive Jacksonville foreclosure defense lawyers to help you can avoid foreclosure through a short sale.

Consequences of a Foreclosure

Foreclosures can be devastating; it will lower your credit score and hamper your ability to stabilize both your finances and life. Finding a place to rent after your home has gone into foreclosure may be doubly hard. You might have a hard time convincing a landlord—who will likely check your credit score—that you’re going to be a reliable tenant.

Even your ability to find a job may be limited. Employers these days often check the credit of prospective employees, especially for jobs that require handling or overseeing money. A candidate with a history of poor credit and foreclosure is not likely to be seen as trustworthy.

The Solution: Short Sale

A short sale is a practical alternative to foreclosures in Jacksonville. It lessens the burden of additional costs and fees for both the borrower and the creditor. It often has a less severe impact on your credit score. More importantly, a short sale spares you from the social and financial consequences of a foreclosed home. The sale will be handled with respect and dignity, just like any other property sale where a pending foreclosure sale is published by law in the local newspaper.

Though it is a better option compared to foreclosure, a short sale involves a lot more paperwork and negotiation to accomplish—which is why you need a good Jacksonville foreclosure lawyer on your side.

The Law Offices of Justin McMurray, P.A. specializes in Jacksonville bankruptcy and foreclosure cases. We help you find the best solution to save your property from repossession by exploring all possible scenarios and establishing a strong case to defend your interest. Talk to us about the possibility of a short sale. We have also successfully helped hundreds of Jacksonville residents, fight foreclosure through other means such as debt negotiation, loan modifications, debt settlement, and other forms of debt relief.