Avoid Foreclosure and Save Money With a Short Sale
If your house is worth less than you owe and you cannot afford your mortgage payments, you may be worried about the prospect of foreclosure and how having that on your credit report will affect your future. Fortunately, foreclosure may not be your only option.
By selling your home in a short sale, a lender may agree to take a small loss on the mortgage in order to avoid a lengthy and expensive foreclosure proceeding. If you can complete the sale, you will save money and avoid having a foreclosure on your credit report.
An experienced bankruptcy attorney can help you determine if a short sale is a viable option for your situation and can negotiate with your lender to arrive at an amicable solution. At Joshua Z. Goldblum, Attorney at Law, I have represented clients in bankruptcy proceedings and short sales for more than 25 years and I recognize the benefits that these sales have for all parties involved.
In addition to a short sale, there are other alternatives to foreclosure, including loan modifications. Learn more about these options and what is best for your specific situation. Contact my firm for a free initial consultation.
Benefits of Short Sales for Sellers and Lenders
There are many reasons why short sales are advantageous to sellers and lenders. For sellers, it gives them the ability to get out of the overwhelming debt and liability of a mortgage without having to go through the foreclosure process.
Lenders, on the other hand, do not want to manage and own property or complete the foreclosure process, all of which costs them substantial amounts of money. Even though lenders will lose money on a short sale, in most cases, it is far less than would be lost through foreclosure. It is possible to negotiate a timely short sale that will satisfy all parties to a mortgage, without damaging the credit rating of the person in debt.
Short sales can be complicated, however, and it is important to hire an experienced real estate lawyer to oversee the process. I can help you understand the process and all of the steps that must be taken to initiate and complete a short sale, while protecting your rights.
Contact Joshua Z. Goldblum, Attorney at Law, to Learn More Information
Foreclosure can be a daunting experience, but for many homeowners who are unable to make monthly mortgage payments, there are other options. Learn more about short sales, loan modifications, and Chapter 7 or Chapter 13 bankruptcies by talking with me, Josh Goldblum, at my Feasterville, Pennsylvania, office, where I serve clients from Philadelphia, Bucks, Montgomery, Delaware and Chester counties.
Call my office in Feasterville to schedule a free initial consultation at 215-322-2745.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
