Destin, FL -- (SBWIRE) -- 01/29/2014 -- Ansley & West PA, a respected Florida law firm, recently published a blog outlining reasons why a debtor might choose a short sale over a foreclosure. Many homeowner spend sleepless nights worrying about how to make their next mortgage payment and what will happen if they fail to pay it. For some homeowners, a short sale can be a way for homeowners to prevent being forced out of their homes.

According to Ansley & West, if the home is in default, it can be taken by the mortgage lender. Often people cannot purchase another home for seven years once a foreclosure occurs. A foreclosure is a matter of public records, so a person with a security-sensitive job could find their employment is affected. A short sale is another option.

In The Benefits of Opting For a Short Sale Instead of a Foreclosure, Ansley & West explains a short sale is a real estate sale in which the mortgage lender lets the homeowner sell the house for less that what is owed. Typically the delinquent homeowner gets a broker to put the property on the market. The homeowner has more time to stay in the house while it is sold and foreclosure activity is put off with no expectation of mortgage payments.

It can take several months to complete a short sale and the homeowner my get financial reimbursement from the lending company. It is referred to as a “relocation allowance” or “short sale incentive.” After the home is sold, the amount is paid to the homeowner. The Ansley & West blog also discusses how a loan modification or forbearance plans could be a better answer. Homeowners who find themselves unable to cover their monthly mortgage should consult with an attorney to find out their options.

About Ansley & West PA
Ansley & West PA focuses on the practice of real estate law, business law, collections and family law. The law firm has offices in the Destin area as well as in Crestview, by appointment only.

Contact Information:

Ansley & West PA
151 Regions Way
Destin, FL 32541