Short Sales
Liberty Credit Law, PC - Helping Clients Navigate Short Sales
A short sale is a real estate law related matter that occurs when a lender agrees to a payoff amount that is less than the balance that is actually owed on a home loan or mortgage. When a short sale happens, the lender is agreeing to accept an amount that is discounted compared to the loan balance because the borrower is facing economic hardship.
Who Should Consider a Short Sale?
Usually, the people who benefit most from a short sale are:
- People who are facing foreclosure on their homes
- People who have had next to no success selling their home
- People who wish to sell their home, but have little equity to promote the sale of the house
People who have been notified of foreclosure often agree to a short sale because they do not want a foreclosure on their record. They also agree to short sales because they do not want to have to file for bankruptcy or incur damage to their credit reports. A short sale can be an effective solution for those who can no longer afford to pay their mortgages, have a lot of debt or who wish to sell their home immediately.
While a short sale can be very convenient option for home owners, it is always in their best interest to speak with a qualified real estate lawyer before they move forward. A reliable lawyer, like the lawyers at Liberty Credit Law, PC, can provide home owners with information, evaluate their individual situations and advise them on the best courses of action. Additionally, a lawyer can explain the legalities surrounding short sales so that people can make decisions that are right for their current situations and futures.
If you would like assistance with a short sale, contact our law firm to schedule a free initial consultation today!