Foreclosure Defense Strategy: A Short Sale

Foreclosure Defense Strategy: A Short Sale

Does the balance of your mortgage exceed the value of your house? In real estate terms, you’re “underwater”. A foreclosure defense lawyer can advise about a short sale, which can be an effective way out of being trapped “underwater” in your home.

In a short sale, the bank agrees to allow the house to be sold for less than the balance due on the mortgage. The sale price may include legal fees, unpaid property taxes, homeowners’ association fees and document preparation fees.

In order to qualify, the homeowner may be required to provide evidence of financial hardship. Be prepared to prove a hardship exists, with income tax records, affidavits or employment history. Your attorney should structure your short sale agreement to protect you from a deficiency judgment; otherwise, you may be responsible for making up the difference between the sale proceeds of your house and the balance of your mortgage.

Our attorneys will analyze your situation and recommend the best strategy to help reach your goals. The attorney you select should be experienced in real estate law in the state where your property is located.

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