A licensed attorney will be an invaluable resource when you find yourself in need of short sale real estate help. In many instances there is not a lot of time before your home goes into foreclosure so you must act quickly. In order to avoid foreclosure and obtain a successful short sale you will need the advice and legal protection that is offered by a short sale attorney.
Property values have dropped significantly as a result of our poor economy. If you are unable to make your monthly payments on your mortgage or sell your home for a price exceeding what you currently owe you will need to complete a short sale real estate transaction.
Many homeowners are under financial duress and need to sell their property as quickly as possible in order to avoid foreclosure. These circumstances can happen due to the loss of a job or an illness. There are many reasons why someone may be no longer able to meet their monthly mortgage payments.
Another cause for this situation was the mortgage lenders themselves. They pushed through a number of loans with minimal down payments. When these loans are repaid the first few years of payments go directly toward the interest owed on the loan. If the homeowner is forced to sell their home and their property value has decreased, they will be unable to pay back the entire amount owed to the lender.
Short sale real estate deals are the last straw for these homeowners before foreclosure. Foreclosures have a weighty impact upon your credit and can be a long drawn-out process.
If you are in this unfortunate predicament, a short sale attorney can provide you with the assistance that you need during this difficult time.
Your short sale attorney will be able to negotiate with your lien holders in order reduce the amount of money that you owe. These negotiations should be handled by an experienced attorney so that the outcome will be as favorable as possible.
Your short sale attorney will also be able to help you get tax protection for any amount of money that is considered a forgiven debt from the lender. You will be back on track to financial recovery much faster than if your home was foreclosed on. - 29969
Property values have dropped significantly as a result of our poor economy. If you are unable to make your monthly payments on your mortgage or sell your home for a price exceeding what you currently owe you will need to complete a short sale real estate transaction.
Many homeowners are under financial duress and need to sell their property as quickly as possible in order to avoid foreclosure. These circumstances can happen due to the loss of a job or an illness. There are many reasons why someone may be no longer able to meet their monthly mortgage payments.
Another cause for this situation was the mortgage lenders themselves. They pushed through a number of loans with minimal down payments. When these loans are repaid the first few years of payments go directly toward the interest owed on the loan. If the homeowner is forced to sell their home and their property value has decreased, they will be unable to pay back the entire amount owed to the lender.
Short sale real estate deals are the last straw for these homeowners before foreclosure. Foreclosures have a weighty impact upon your credit and can be a long drawn-out process.
If you are in this unfortunate predicament, a short sale attorney can provide you with the assistance that you need during this difficult time.
Your short sale attorney will be able to negotiate with your lien holders in order reduce the amount of money that you owe. These negotiations should be handled by an experienced attorney so that the outcome will be as favorable as possible.
Your short sale attorney will also be able to help you get tax protection for any amount of money that is considered a forgiven debt from the lender. You will be back on track to financial recovery much faster than if your home was foreclosed on. - 29969
About the Author:
Learn more about short sale real estate. Read Max Buchanan's blogs where you can find out all about the market and when to use a short sale attorney and what they can do for you.
