Avoid Foreclosure Litigation with a Short Sale
Selling Your Home for Less than What Is Owed on Your Mortgage
One of the methods being used these days to avoid foreclosure is a short sale. A short sale presents the homeowner, the lender, and the prospective buyer with an outstanding opportunity to mitigate their damages.
However, the short sale process can be full of misunderstandings and delay. The Law Office of Kevin F. Jursinski & Associates helps you avoid the frustration of a short sale by using basic fundamental information and a well thought out approach. Contact our firm to receive foreclosure help.
Short Sale Assistance from Our Foreclosure Lawyers
What is a short sale?
A short sale is the sale of a home for less than the amount required to pay off the balance of your mortgage loan and any closing expenses. A short sale ends with one of three results:
- The lender releases its mortgage and releases the borrower
- The lender releases its mortgage and demands payment of the different from the homeowner
- The lender releases its mortgage and obtains a negotiated amount from the homeowner for the resulting deficiency amount, either in cash, a promissory note, or a combination of both
Advantages and disadvantages of a short sale
There are advantages and disadvantages to a short sale. Our firm helps you sort through those advantages and disadvantages and decide whether a short sale is the right option for you.
Advantages of Short Sale
- The lender has released your mortgage.
- Will have less effect on your credit rating than a foreclosure will. .
- You may be allowed to borrow money for a new mortgage sooner than if you went through a foreclosure or bankruptcy.
- Will help you repair your finances by reducing housing payments.
- Your attorney can negotiate the deficiency to as little penalty as possible.
Disadvantages of Short Sale
- The process is not as quick as a traditional residential/commercial sale. The purchase price first must be approved by the mortgage holder.
- You may face a tarnished credit history and score.
- Diminished financing options on real estate for a minimum of two years.
- Lenders may pursue the so-called deficiency balance after the sale.
- Income taxes may be due on the amount of forgiven debt.
- The approval process can be time-consuming and frustrating.
A short sale may be the right choice for you to avoid foreclosure. Talk to our attorneys about your short sale.
Call 877.291.3926 for short sale assistance.