Foreclosure vs. Short Sales
Which Is the Answer For You?
Are you financially overextended? Have you been finding it hard to pay all your monthly expenses on time? Do you have credit card debts or medical bills that have become overwhelming? Have you been unable to keep up with your monthly mortgage payments? Are you unable to sell your house for enough money to pay off your mortgage? Have you received a notice of default or complaint for foreclosure?
If you answered yes to any of these questions, then you probably are or soon will be facing foreclosure. But home foreclosure is not your only option. And probably not the best option. A short sale will still allow you to get out of your mortgage and have a less negative impact on your credit.
To learn more about how we can help you negotiate a short sale instead of allowing your house to be foreclosed upon, schedule a free initial consultation with one of our attorneys by contacting us online or calling 866-446-6298.
Why a Short Sale is Better Than Foreclosure
Foreclosure is a last resort. It is true that you will be able to stay on the property for several months without paying your mortgage, but you'll have to continue paying the utilities. And eventually you will get a notice of a sheriff's sale, which means you will be physically removed from the property at some point.
Instead of waiting to be evicted from your own house, you can negotiate a short sale of your house. Advantages of a short sale include:
- Less negative impact on your credit score than a foreclosure because you can rebuild your credit more quickly following a short sale.
- Banks and lenders usually prefer short sales to foreclosure as they save sheriff fees, attorney fees, maintenance fees on the property and prevent the banks from having to worry about vandalism to the vacant home.
- There are no hidden fees. In a foreclosure, a lender can get a judgment against you for your missed mortgage payments plus costs for the foreclosure action. In a short sale, these arrears and costs are negotiated away.
Our Approach
In the last 30 years we have completed thousands of real estate and short sale transactions. We have built strong relationships with mortgage lenders, title insurance companies, realtors, surveyors and appraisers. Our connections and experience enable us to efficiently and effectively negotiate a short sale for you. Call 866-446-6298 or contact us online to talk to one of our lawyers about a short sale today.
