The Moher Law Group offers experienced legal representation to homeowners and Realtors®/brokers in California who are faced with the legally complex short sale process. We can accelerate the process while protecting you or your client’s interests in order to achieve the outcome you are hoping for. Having our powerful team by your side can help ensure that any issues are immediately addressed and the sale moves forward according to plan. There are generally no legal fees for our assistance as we can get paid directly from the bank upon the closing of the short sale.
What is a short sale?
When a homeowner and a lender enter into an agreement and sell the home for less than the amount owed the lender, it is termed a “short sale.” The money that is made from the sale is turned over to the lenders. Usually when this is done, the debt that the homeowner owed on the house is considered to be fully satisfied. At times, however, the homeowner may still be responsible for a portion of the deficiency. We know the different options that are available to you, should a deficiency have to be resolved.
Facts Regarding Short Sales
Sometimes, a short sale can be the best solution for an individual. It can be a viable foreclosure defense or it can prevent a person from having to file for bankruptcy. It can buy a homeowner an additional 4-10 months in the home for the process to successfully complete. You may be able to get money from federal and bank programs, up to $30,000, as a benefit of closing the short sale. Some lienholders, such as junior mortgages, taxes, and other creditors will often settle or write off debts as part of the short sale, leaving you without lingering debts. You will have credit restored to you faster than with a foreclosure and it may be possible to get another mortgage within very few years. In our firm, we treat each person as an individual, with a specific financial situation and personal financial goals. There is no “one solution fits all” when it comes to financial troubles. That is why we offer the full extent of our experience and knowledge when it comes to evaluating your situation and answering your questions.
Contact us today for a free consultation and to discuss the short sale process.