When you need short sale real estate help, a licensed attorney will offer you the best protection. If time is of the essence you will need the best help that you can possibly find as quickly as you can find it. A short sale attorney will give you the advice and legal protection that you need to make this process go as smoothly as possible.
When a homeowner is not able to sell their home for a price equivalent to or above what they currently owe on it, they need to complete a short sale real estate transaction. Property values have decreased significantly making this situation all too common.
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.
Mortgage lenders contributed to these unfortunate circumstances by giving out loans for large amounts of money in which homeowners were paying interest only for the first few years. Many of these homeowners needed to sell their home for one reason or another and realized that their property value had decreased and that they would be unable to cover their outstanding mortgage with the sale of their home.
Before your home is lost to a foreclosure, you must consider a short sale real estate deal. Foreclosures will have a severe impact upon your credit and the proceedings can take several months to a year.
You will need the services of a professional short sale attorney if you want to be able to minimize the damage to your credit.
Once you hire a short sale attorney they can negotiate with your mortgage lender in order to reduce the amount of money that you owe on your loan.
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.