Frank Charles Miranda announced on Thursday his law office would begin accepting claims in which a Florida homeowner had pursued a short sale and completed an approved short sale and was still experiencing credit problems.
The concept behind a short sale is that a property owner sells his or her home for an amount that is considerably less than the balance still remaining due on the mortgage. If the bank approves a short sale, the Tampa home can be sold and the proceeds used to pay a portion of the remaining mortgage balance. It is important to note that a short sale requires approval by the bank, a fact that too many people are familiar with in a post-housing bubble world. The bank needs to approve the sale because they stand to lose a large amount of money but not as much as would be lost if there is a foreclosure.
If the short sale is well-structured, the lender will forgive all of the remaining deficiency after the property sale has been completed. The problem is there are some approved short sale agreements that do not address the balances still due or they are written in a way that indicates the homeowner must repay the remaining balance. Then there are short sales in which the bank has included verbiage indicating the bank has agreed to “waive their right to pursue further collection,” but the bank continues to report the mortgage debt to the three major credit bureaus. This is a problem because a lender is not allowed to share or incorrect/false credit information about any party with any company, including the major credit bureaus. Their failure to abide by the terms of the agreement keeps borrower credit scores lower for a longer timeframe and limits the opportunity to improve overall financial standing.
If the language of a short sale settlement approval letter leads a homeowner to believe they do not owe anything else toward the mortgage deficiency, they are encouraged to contact the Frank Charles Miranda at 813-254-2637.
Frank Charles Miranda, P.A. can be found at 703 West Swann Avenue in Tampa. The legal office offers Tampa residents title services, consumer credit protection services, personal injury representation, business litigation and assistance filing claims relating to dangerous pharmaceutical products. Hillsborough County residents can find Frank Charles Miranda, P.A. online by visiting https://www.fcmlaw.com.