Short Sale and Deed In Lieu of Foreclosure
Real estate short sales are intended to prevent a home from going into foreclosure. Although the short sale of your home does not allow you to keep it for the long term, a short sale negotiated by an attorney can save you and your lender time and money. Often, a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing. Short sales are typically faster and less expensive for banks than foreclosures. For the homeowner, the advantages include avoidance of a foreclosure on their credit history — and avoidance of a possible lawsuit regarding the amount still owed to the bank. Having an experience attorney to assist a homeowner through the process and negotiate terms with your lender helps the owner gain assurance and assistance with a complicated sale.
Through this process, an attorney can assure that the lien on a homeowner’s property is satisfied. All required documents for the short sale are drafted and reviewed by the attorney with attention to detail. All of the legal aspects of the sale are handled by your attorney, including communicating with the lender’s attorneys to obtain all documents, drafting the short sale contract, working with a real estate agent to locate a buyer, ensuring proper closing of sale, and verifying the sale is properly recorded and ensuring the lien is lifted.
We use our extensive experience to negotiate with mortgage lenders when homeowners cannot make their mortgage payments. This will allow you to sell your property and put your debt behind you. Doing so may allow you to avoid foreclosure, bankruptcy, or a lawsuit from the bank.
Deed In Lieu of Foreclosure
Another option for homeowners to escape an overly burdensome mortgage is a deed in lieu of foreclosure. If you are a homeowner who can’t make your mortgage payments and are struggling to find a buyer, we may be able to negotiate a deed in lieu of foreclosure with your lender. Essentially, you voluntarily surrender ownership of your home without the bank having to go through an expensive foreclosure process. In return, the bank may forgive any balance on your mortgage. This means you have no further legal obligation to pay the mortgage, and you will avoid a foreclosure.