In this day and age, many people are facing foreclosure. The good news is that in some cases, it may be possible to do a short sale of the home. In legal terms, a short sale happens when your lender agrees to allow someone else to purchase the property for less money than you currently owe on the mortgage loan. While this may sound like the ideal solution, you need to be aware that things can go terribly wrong if you try to take on a short sale without the help of an attorney. Here are two important ways that an attorney can help you successfully complete your short sale:
Understanding A Short Sale Agreement
In order to complete the short sale, you’re going to have to sign a short sale agreement with the lender. These documents are often full of legal jargon, and if you don’t know how to interpret them you may end up agreeing to something that turns out to be beneficial for the lender but financially dangerous for you. A Real Estate Attorney in Mahopac NY can help you avoid this situation by reviewing all documents and explaining the agreement in terms that you can understand so that you can be sure that you understand the deal you’re making.
Deficiency Judgments
Although your lender may agree to the short sale, they may still try to come after you for the difference once the short sale is over. If the lender is granted a deficiency judgment against you, they have the right to resort to bank levying and wage garnishments in order to recover the money they lost on the short sale. If this happens to you, a good Real Estate Attorney in Mahopac NY may be able to negotiate with the lender to obtain a deficiency waiver so that you won’t have to pay back the money. If they are unsuccessful with that, they may be able to help you settle for less than the judgment says you owe.
Without the help of an experienced real estate attorney, you may find yourself extremely unhappy with the results of your short sale. If you think that a short sale may be the right move for you, get in touch with the legal professionals at Spain and Spain PC. Click Here to learn more about how a real estate attorney can be your best advocate during the entire short sale process.
