Short Sales

If you cannot pay your mortgage, both you and the lender have a problem. What is the best solution?

In a short sale, your bank agrees to let you sell the home for the market value, at less than what you owe on your mortgage. If structured properly, your mortgage will be discharged and you will have no further obligation to your lender upon the sale of your home.

You may, however, be required to recognize the difference between the amount of the sale and your loan balance as income for tax purposes. But if you don't see any realistic prospect for catching up on your mortgage or for loan modification, a short sale will have less of an impact on your credit record than a foreclosure.

Foreclosure Alternatives

An experienced lawyer can not only advise you of options you may not be aware of, but can negotiate effectively for you. Lenders have options. They can agree or refuse to modify your loan, or to a short sale, or to a deed in lieu of foreclosure. Hardships to you, such as these weigh in favor of their cooperation:

  • Unemployment or reduced income
  • Career transfer out of town
  • Death in the family
  • Health emergency
  • Bankruptcy
  • Divorce


A new federal program called Home Affordability Foreclosure Alternatives is a temporary program through 2012. If you qualify, the program can facilitate your short sale or deed in lieu of foreclosure and avoid your liability for deficiencies.

Foreclosure defense

In the whirlwind real estate market of the mid-2000s, lenders and other parties failed to properly document transactions. In thousands of cases, lenders attempting to foreclose on homeowners cannot now prove they own the loan. Therefore they cannot foreclose. An attorney can help you remain in your home for an extended period, but afterward, you may be legally liable for a very large debt.



Armenteros & Miller, P.A.

11900 Biscayne Boulevard
Suite 618
Miami, FL 33181