What is a short sale?
A short sale involves selling your home for less than you owe on the mortgage. It is only possible when you have the agreement of the lender, which is often difficult to secure. If your home is upside down, or worth less on the market than the amount you owe, this may be your best option for resolving your financial difficulties, as well as being an effective foreclosure defense strategy. The Law Offices of Marshall D. Schultz has more than 33 years of combined experience, and we will review your situation to determine whether your lender will be likely to accept your offer. We take a sincere interest in our clients' well-being, and we measure our success with yours, offering first class legal representation at affordable rates.
Short sales make it possible for homeowners to free themselves of the trap of a home they can no longer afford. If your mortgage payment is consuming too much of your income, you may have difficulty seeing a way out of the situation, as selling the home would leave you still paying on the balance of the loan. Banks and other home lenders are usually reluctant to approve a short sale which will cost them tens of thousands of dollars on the loan, and they will usually prefer to enforce their rights to payment on the deficiency.
A licensed attorney can guide you through the process of making a short sale and represent you in negotiations with the bank. It is often best to find a potential buyer before you approach the lender with your proposal so that you can present a completed package. Your attorney will use whatever evidence is available to demonstrate that you are unable to continue making loan payments, as well as any relevant information about hardship, such as a job loss, divorce or a medical condition. The bank will likely approve your offer if it is clear that the money they would lose in a short sale will be less than in a full foreclosure proceeding.