If you’re facing a foreclosure on your home, it may be time for you to call a short sale attorney. Nobody wants to be in a position where they are at risk of losing their home due to circumstances beyond their control. Understanding the difference between foreclosures and short sales will help you make the right decision for you and your family.
If you have taken out a loan from the bank to cover the cost of your home, you owe the bank a monthly mortgage payment to cover that loan taken from the bank. If you are unable to repay your loan, your home then faces foreclosure.
Understanding The Term “Short Sale”
Short sales, are a better option than foreclosure, but only with the help of a short sale attorney. In essence, you owe the bank money for your home since you could not afford to make the monthly mortgage repayments. On the off chance you are able to sell your home at a price lower than the current market value, you’ll want it to still be a fair price and you will need your lender to accept les than you actually owe. This is why it is called a “short sale”.
If your mortgage lender agrees to the terms of a short sale, they will accept a lesser sale price on the home so that you, as the homeowner, won’t be liable for any deficiency owed to your lender, the “short.” A short sale attorney will help ensure that not only will both parties agree to the terms and conditions of the short sale, but also make sure you are protected after the sale. Your attorney will make sure that the full terms and conditions of the contract are explained before the sale of your home.
Understanding Foreclosures
A foreclosure occurs when you are unable to make your monthly mortgage payments on your home for a prolonged period of time. Foreclosures don’t happen if you miss a month’s payment and repay it as soon as possible. However, if you haven’t been able to pay your mortgage in a while, that’s when the bank decides to foreclose on your home.
The foreclosure process isn’t as simple as the bank deciding to do it: there are appropriate legal steps that must be followed. One of those steps is to notify you that your home is at risk of foreclosure. The notice of default will eventually be sent to the relevant country recorder’s office.
Remember that once your home is foreclosed on, you will need to vacate the home or you will be evicted. Keep in mind that if the bank forecloses on your home, your credit score will be negatively impacted. This will affect future attempts to purchase a home. Fortunately, there are options available to you when your home is facing foreclosure. The best option is to enlist the services of a real estate attorney to handle interactions with the bank regarding the foreclosure of your home.
Find A Short Sale Attorney To Help You
Neither short sales nor foreclosures are ideal for homeowners. However, the effects of the property will differ greatly depending on whether you had a short sale or a foreclosure. To make the process more streamlined for all involved parties, and to ensure that you are not taken advantage of, it is best to enlist the services of an experienced real estate attorney.
For foreclosure defense and mortgage workouts, contact the team at Gary I. Handin, P.A., to understand the best course of action to take. For legal services you can count on, call us today at 1-877-815-4560.