The effects of the financial crisis of 2008 are still being felt today. Many families are under impending threat of losing their homes in the foreclosure process. It is imperative that you take all measures necessary to avoid the loss of your property in foreclosure as it has significant negative impacts on you, your family and your credit. Thankfully, loan modifications and short sales are available means by which you can avoid losing your home to foreclosure if you are proactive in resolving your homeownership issues.
A short sale occurs when a property is sold at a price lower than the amount the homeowner owes on the mortgage, and the homeowner’s mortgage lender(s) agrees to a “short” payoff. This is a collaborative process between the homeowner and the lender to sell the property at an agreed price. The goal of a short sale is to release homeowners from their mortgage obligations in a manner which avoids foreclosure proceedings, reduces impact to the homeowner’s credit, and allows the homeowner to walk away from the property without a deficiency.
The short sale process usually involves:
- The property’s sale price to be determined based on the current market values
- Collection of financial information
- Negotiations with any lien holders
- Evaluation of buyers’ reasonable offers to purchase the property (usually the highest offer)
- Agreement between the parties as to the terms of the sale
- Closing of the sale and issuance of title insurance
It is important to understand that your lender will not stop the foreclosure process while applying for a short sale. This is precisely why it is so important to have an attorney handle the short sale process.
The Law offices of Jarrett R. Williams, P.A. will help clarify the otherwise complex and confusing short sale process by developing a personalized approach to your situation that includes:
- Assisting you in gathering all information required for your short sale application
- Determination of any potential deficiency remaining upon completion of the short sale
- Coordinating a local realtor to submit your property for listing
- Act as communication liaison between you, the realtor, and the lender with respect to offers to buy and lender documentation
- Negotiate waiver and/or minimization of residual deficiency liability
- Conduct the closing and provide title insurance for your short sale.
Call the Law Offices of Jarrett R. Williams, P.A. today to have our attention to detail and real estate transactional and litigation experience provide you with the insight to achieve solutions to your most complex real estate matters.
“Detail. Insight. Solutions.”