Short Sales Viable Alternative to Foreclosures

As a homeowner, you may find yourself in the unenviable position of having purchased a home when the market was experiencing a peak and are now bearing the burden of more home than you can afford.  This may put you in the predicament of facing foreclosure by the lender, and if that happens you’re stuck with the consequences, among which is the fact that it will leave a stain on your credit for a decade or longer.

Foreclosure is not an inexpensive option for lenders and having a home sit vacant doesn’t make any money for them.  Having foreclosed properties on their ledgers is costly, and they want to offload as many of those properties as possible. Because of this, one way for a homeowner facing foreclosure to escape that burden is to sell their home via a short sale.  While this is a complicated process that is not always a viable option, it would allow the homeowner to return to their normal, debt-balanced life without the damage to their credit that a foreclosure would guarantee.  Proceeding with this option with the guidance of a short sale attorney would be advisable under any circumstances.

As a homeowner, you may find yourself in the unenviable position of having purchased a home when the market was experiencing a peak and are now bearing the burden of more home than you can afford.  This may put you in the predicament of facing foreclosure by the lender, and if that happens you’re stuck with the consequences, among which is the fact that it will leave a stain on your credit for a decade or longer.

Foreclosure is not an inexpensive option for lenders and having a home sit vacant doesn’t make any money for them.  Having foreclosed properties on their ledgers is costly, and they want to offload as many of those properties as possible. Because of this, one way for a homeowner facing foreclosure to escape that burden is to sell their home via a short sale.  While this is a complicated process that is not always a viable option, it would allow the homeowner to return to their normal, debt-balanced life without the damage to their credit that a foreclosure would guarantee.  Proceeding with this option with the guidance of a short sale attorney would be advisable under any circumstances.

Lenders do not always agree to short sales because it basically means they are accepting less money than the property is worth to fulfill the mortgage balance owed by the homeowner.  This type of proposal has to be agreed upon by the foreclosing lender, which is where a short sale attorney would come in.  They would negotiate the terms of the short sale and attempt to convince the lender that it’s in their best interests to accept some money for the property instead of no money.

In some circumstances, a lender may only agree to a short sale if the homeowner agrees, in turn, to provide compensation to the lender on some type of payment plan for the difference between the amount owed and the amount accepted through the sale.  Again, this is where a short sale attorney would be beneficial in negotiating the best possible terms.

Regardless of the circumstances of the pending foreclosure you may be facing, seeking the advice of a short sale attorney should be your first course of action.  They can help you through the process and advise you on an areas of the situation you may not be familiar with, as well as act as the middleman during your negotiations with the foreclosing lender.

If you are facing a foreclosure and can no longer pay your mortgage, call the professionals at Adams Law for a free consultation at 888-724-9860.

Lenders do not always agree to short sales because it basically means they are accepting less money than the property is worth to fulfill the mortgage balance owed by the homeowner.  This type of proposal has to be agreed upon by the foreclosing lender, which is where a short sale attorney would come in.  They would negotiate the terms of the short sale and attempt to convince the lender that it’s in their best interests to accept some money for the property instead of no money.

In some circumstances, a lender may only agree to a short sale if the homeowner agrees, in turn, to provide compensation to the lender on some type of payment plan for the difference between the amount owed and the amount accepted through the sale.  Again, this is where a short sale attorney would be beneficial in negotiating the best possible terms.

Regardless of the circumstances of the pending foreclosure you may be facing, seeking the advice of a short sale attorney should be your first course of action.  They can help you through the process and advise you on an areas of the situation you may not be familiar with, as well as act as the middleman during your negotiations with the foreclosing lender.

If you are facing a foreclosure and can no longer pay your mortgage, call the professionals at Adams Law for a free consultation at 888-724-9860.