Is A Short Sale A Good Solution For My Issues?
One possibility to avoid foreclosure is to sell your home for less than the amount you owe on your mortgage. Called a pre-foreclosure sale or short sale, this option has drawbacks, but is generally considered less damaging than a foreclosure.
If you are facing foreclosure and have exhausted loan modification and mortgage mediation tactics, a short sale may be an option for you. Because short sales require extensive negotiation with your lender, it is helpful to work with a lawyer. As an experienced bankruptcy and real estate attorney, I have the knowledge to help you through a short sale. For a free consultation, please call my office at 877-389-5694 or contact me online.
Know Your Rights
Before you decide on a short sale, it is very important that you understand your rights and liabilities. You are selling your home for less than the amount of money you owe on your mortgage. This means you are losing money on the sale. You may also be responsible for the shortfall amount.
However, a short sale has fewer negative effects on your credit rating than a foreclosure, so it is possible that it will be a good decision over the long term. You must carefully consider all of your options before going forward with a short sale. I have the experience to help you make an informed decision.
If you choose to sell your home in a short sale, an attorney should review any work by a real estate agent or title company to check for errors. I will also negotiate the terms of the sale with your lender.
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