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What Is A Short Sale?
During the process of Foreclosure or Pre-Foreclosure Defense opportunities will arise to sell your home to an interested party. However, this prospective party interested in purchasing your home does not want to pay what you owe on your loan, rather, due to the decrease in value of your home, knowledge of the Foreclosure/Pre-Foreclosure or simply based on comparable sales, the interested party may only want to pay an amount less than what you currently owe. This will cause a deficiency in the payoff of your mortgage, and this is where a Short Sale becomes a means to potentially work out a reduction or even a forgiveness of the remaining balance of the note to your lender secured by the mortgage on your home.
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Does A Short Sale Involve A Bank?
A Short Sale must be negotiated with the bank to avoid full exposure to the deficient balance from the payoff of the sale of your home. Our firm can assist you in negotiating a reduction or potentially a forgiveness of any deficiency on the payoff of your loan from the proceeds of purchase from the prospective buyers. Without an attorney in your corner to assist with negotiating any deficiency with the bank, the bank will seek a Deficiency Judgment against you for the remaining amounts due and owing from the note against the mortgage from the sale of your home to the new buyers.
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SEM Law Group Attorneys At Law Has Exceptional Short Sale Experience
This is offered as part of the global retainer offered for Pre-Foreclosure and Foreclosure Defense, and SEM Law Group will assist you with the Short Sale with the bank, and the negotiation and corresponding documentation for the forgiveness and or reduction of the deficiency arising from the Short Sale.
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