If you owe more on your house than what it would sell for on today's real estate market, your lending institution may agree to accept the proceeds from a sale even if it is not enough to pay off the balance of your mortgage. A "short sale" can be a solution for many homeowners facing "upside down" mortgages and the threat of foreclosure.
The Law Offices of Michael J. Auger in the Hartford area is a valuable resource for Connecticut homeowners in distress, available to facilitate short sale negotiations with the bank that holds your mortgage. Contact our law offices in Farmington by phone at 888-883-7044 or by e-mail through this Web site.
Before approving a purchase agreement for a short sale, the lender will want a clear view of a borrower's overall financial picture — evidence that the debtor is, in fact, unable to pay the mortgage per its original terms. In the event that there are second mortgages also, there may be a need to negotiate between and among lenders. Mechanics' liens, judgment liens and tax liens may also be an issue.
Timing is critical, since potential buyers may look elsewhere if faced with long delays to close. Your lawyer's experience, diligence and attention to detail are important when negotiating short sales with mortgage lenders.
Entrust your short sale negotiations to an attorney who knows real estate markets and real estate law, knows the lay of the land and knows how to broker a timely deal that is in his client's best interests.
Short Sales, Refinancing and Foreclosure Alternatives
Purchase Price, Mortgage Terms, Legal Obligations: Ask Questions, Please.
If you have any questions about your legal rights and options in foreclosure, bankruptcy, personal injury law or family law, we are ready to help you get answers and take action. Traveling to meet clients throughout Connecticut, we offer weekend and evening appointments as needed. Contact us today for a free initial consultation.
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