Preventing Foreclosure with Short Sales
If you are like thousands of Americans right now, you owe more on your mortgage than your home is currently worth. When that is the case, foreclosure is not your only option. You can also try a short sale to save yourself from the complications often linked to foreclosure.
If you want to conduct a short sale of your home, you must first contact your lender as you will need the approval of your lender to list your residence since the selling price will be less than what is owed on your mortgage or home loan. When you sell your home via short sale, you will no longer be responsible for the mortgage. However, you will also be out of a house. This is why most homeowners find it difficult to decide whether or not short sale is the right option for their families.
Since you are asking your lender to accept less than what is currently owed on your home loan, it may difficult to negotiate a short sale. However, with a South Texas bankruptcy lawyer on your side, you may be able to negotiate terms that allow you to move forward with this type of real estate transaction. And, if short sale is not a viable option, a bankruptcy attorney can advise you of other solutions that may prevent foreclosure.
To learn more, take the time to contact the Malaise Law Firm and schedule your initial
case evaluation.