Greater Danbury Area Short Sale Attorney
Is your home or business property under water?
Click to Call 1-203-740-1400
Do you owe more on your mortgage than your property is worth? Owning property that is “under water” causes two common problems for homeowners:
1. The owner is still making your mortgage payments but you are not creating any equity. If they had to sell the property and pay off the mortgage there would be nothing left; or
2. The owner is not making their mortgage payments, the property is in foreclosure or soon will be.
While it may not seem like much of a solution a short sale may be the right option. In a short sale, the owner asks their Lender to take a lesser amount than they owe, in full satisfaction of the loan.
What does a short sale mean for the property owner?
It means you become free and clear of the property and any associated debts. What a load off you shoulders that could be!
Short sale is also a private transaction, while court proceeds for foreclosure are public record.
Collection phone calls stop since the lenders are instructed to contact the short sale attorney regarding the transaction.
Why would the Lender accept such an offer?
The answer is that they won’t, unless it makes financial sense for them to do so. Instead of having to foreclose, go to court and pay legal fees, and then maintain the property after the Lender takes it, it might make sense for them to take a loss on the mortgage. We submit documentation for the Lender to review and if they agree, they issue a Short Sale Approval Letter. Not all lenders accept short sales, and not all short sales will be accepted.
What goes into negotiating a short sale?
As you can imagine, there is a great deal of negotiation that goes into getting lenders to accept less money than they are owed. You need to meet each lenders specific requirements, say the right things, while not saying the wrong things. This gets immensely more complicated when you deal with distressed properties that have multiple mortgages, liens or other encumbrances.
Experienced Short Sale Attorney
At G&G Law, LLC our real estate attorney has successfully negotiated short sales for multiple clients. If you are considering short sale or want to discuss the possibility or benefits of a short sale, contact G&G Law, LLC by e-mail at email@example.com or by phone at 203-740-1400. We offer free consultations and are more than happy to answer any questions you may have.