Short Sale Assistance
A short sale occurs when you are unable to pay the mortgage loan on your property, and as a result, your lender decides it would be best for them to sell the property at a reasonable loss so that they can at least make back some of their money. Both parties usually consent to a short sale because the bank would like to avoid the substantial fees and typically reduced proceeds which follow foreclosure auctions, while a borrower can mitigate damage to their credit standing. However, a short sale may not always release the borrower from the responsibility to pay the outstanding balance of the loan, which is commonly referred to as the deficiency. Certain laws have been put into effect recently concerning deficiencies, and the laws are constantly evolving in these rough economic times.
In a short sale, neither side is "doing the other a favor." Instead, a short sale is simply the best way to find a compromise between you and your lender because it is usually a cost-effective and fiscally superior alternative to a foreclosure. However, there are a lot of complex real estate issues and tax implications involved.
If you would like to learn if this would be a good option for you, please Contact Us at the Law Office of Steven Benson for a free personalized case review.