Due to the economic conditions and the mortgage crisis, your property may have lost it’s value making it impossible for you to sell it for what you currently owe. If trying to sell your property for what you owe on your mortgage loan means putting it on the market at a much higher listing price than other properties on the market, your property would just sit on the market without any offers for a long time. If you are behind on your mortgage payments, this also means your lender will not get paid for a long time. If you were able to sell for a lesser price, even less than what’s owed on our property, it would bring the asking price back down to the market level thereby making it more enticing for a potential buyer to place an offer, allowing you to sell your property and ridding yourself and your lender of the bad loan.
If we are able to negotiate on your behalf to get your lender to take a loss on your property by selling it for an amount that is less than what you currently owe on your mortgage loan, that would be what is known as a short sale negotiation. Short sale negotiations are usually successful if you are dealing with a financial hardship that has made it impossible for you to pay your mortgage and you have tried to refinance your loan, tried to modify your loan, and tried to sell your property for the amount you currently owe but have been unsuccessful at all attempts. In addition to saving time and money, typically when using an attorney and negotiating a short sale instead of allowing your property to be taken through foreclosure, you’ll do less damage to your credit score which can make for an easier path to financial recovery ahead of you.
CALL FOR A FREE CONSULTATION TODAY 1-888-314-1722
If your property were to not sell at auction after your lender already had to spend money on attorneys to foreclose against you in the first place, then they have to maintain the property the while it sits on the market, which is an expense that can add up pretty quickly. Banks aren’t in the real estate business, they’re in the lending money business and they most likely already have enough properties in their inventory from previous foreclosures that they don’t want to add yours to their list. Since a short sale is usually must faster and way less costly for your lender than it would be for them to hire an attorney to take your property through foreclosure, they are usually more willing to be paid less than the amount owed to get a non-performing loan off their books while at the same time collecting a lump sum of funds they can put back to use lending out to others.
Many factors will be analyzed by your lender before coming to any decisions in regards to your short sale and these negotiations are performed on an individual basis. A short sale attorney with as much experience as the lawyers we bring to the table have the knowledge of predatory lending issues which may have been the reason which lead to the need for a short sale in the first place as your loan may have been set up to fail. Through negotiations, your mortgage lender will hopefully see your potential short sale as the “lesser loss” and we may be able to get them to accept a lesser amount than they are currently owed in order to avoid foreclosure and the fees and time associated with it and the costs of potentially sitting on a property that doesn’t sell. One of our Short Sale Attorneys in New York can help facilitate the process.
At The Law Offices of Kenneth H Dramer PC, before we make a recommendations, our debt lawyers, mortgage relief specialists, and paralegals, ask the right questions to find out more in detail about your unique situation. Based on factors such as your income and financial hardship, we help determine which option will work best for you. We don’t only offer one choice since no one option can solve each of our clients’ specific needs. Call now and one of our debt lawyers is waiting to get you started on the road to a debt free and stress free future. There is no obligation so don’t delay…CALL TODAY!
CALL FOR A FREE CONSULTATION TODAY 1-888-314-1722
*Individual results may vary based on consumer’s earnings, assets, and current mortgage loan situation. Our law firm does not assume or pay your mortgage, nor provide credit or tax advice in relation to any forgiven amounts. Mortgage assistance does not obtain immediate repayment arrangements. Mortgage assistance is not available in all states.
*Be wary of any company that tells you not to pay your mortgage loan as it may have a negative impact on your credit report and other consequences. For example, your mortgage loan may continue to accrue late fees and penalties, you also may receive calls from your lender and/or their collectors, you could even be sued for non-payment. If your lender obtains a judgment against you then you may lose your home. Make sure you choose company that explains the benefits and consequences of each mortgage relief option.
*The information provided on this site is for general information and educational purposes only. The information presented should not be considered legal advice, and should not be misconstrued as such, and should most definitely not be acted upon without first consulting with an attorney. The information is subject to change without notice. Consult a debt relief lawyer licensed in your jurisdiction for specific advice.
*We provide Debt Relief services and are a debt relief agency, as defined by the U.S. Congress. We proudly assist people filing for bankruptcy relief under the Bankruptcy Code as well as various other services to help avoid bankruptcy.