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Published: February 14 2013

The new year brings continuing activity on foreclosure cases from years past and a stream of new ones in line to be filed.

Fighting to save the "American Dream" remains as elusive as ever. Yet, in the last quarter of last year, the increase in short sale "approvals" offers some homeowners the opportunity to get out from "under" sooner than later!

In the last few years, homeowners have been introduced to a variety of programs and options - some more desirable than others - that allow them to "cut their losses". This is particularly true for properties that are "underwater" (currently worth less than the outstanding loan amount). One such option is a "short sale". A short sale allows the homeowners to list the property for sale and, if approved by the lender, sell the property for less than the remaining loan balance. The difference between what is owed on the house and what the house is sold for, also known as the "deficiency," is then totally or partially waived.

Currently, Florida law does not require that an attorney oversee the short sale process, thus, any third-party person can handle it. Unfortunately, for many individuals who have been unsuccessful in the do-it-yourself approach, the damage is typically irreversible and they are forced to live with the results of their submission. The problem is most homeowners do not realize the level of expertise needed to conduct successful short sale negotiations or the "legalities" involved. And that, of course, is the critical point.

The spectrum of consequences for a "poor submission" range from a denial of the application to higher than average closing expenses. This then begs the question - are they qualified to assist you in the short sale process? Typically, either the homeowner will try to negotiate the short sale themselves, or they will have a real estate agent or third-party company handle the transaction. While there are many realtors capable of handling the short sale process, only lawyers will typically be able to spot and handle legal issues, and further, understand the ramifications of a poor agreement. Having a law firm that focuses on short sale negotiations and transactions serves to enhance opportunities for a better result. After all, short sale negotiations are not a dress rehearsal, ...it's best if you can get it right the first time! Remember, .... the Reyes Law Group helps you aggressively litigate your case, negotiate your loan modification, and/or short-sale transaction because in the end, YOU too deserve a passionate voice to help you fight to defend your property and/ or preserve your rights!