Group One Legal • Alternative to Foreclosure: Short Sale Questionnaire
Many homeowners face the unfortunate situation of having mortgage loans that exceed the current market value of their homes. Others are facing the risk of foreclosure or a pending trustee's sale (foreclosure auction). For those qualified homeowners who need to sell their home quickly and walk away from their mortgage payments altogether, we created this Short Sale Program. To assist us in providing you with the most effective and efficient evaluation, please complete the detail intake form as thoroughly as possible. A counselor will review your information and will contact you shorty to discuss your options.
What is a "Short Sale"?
A "short sale" occurs whenever homeowners must sell their property for an amount that is less than what is owed on their mortgage loans. Both residential and commercial properties can qualify for a Short Sale. Unless the borrowers obtain the lenders' prior, written consent for a Short Sale, however, the homeowners may be forced to pay a deficiency judgment and the lenders' collection costs, even after the property has been sold.
In addition, the homeowner may have additional legal liability, tax consequences and damaged credit, unless those issues are specifically addressed through the Short Sale negotiation. When done incorrectly, Short Sale requests are routinely denied by lenders and the homeowners' property ends up being sold at a foreclosure auction, leaving a devastating scar on the borrowers' credit. The banks have their own attorneys...shouldn't you be protected too?