For homeowners in financial distress, a short sale stands as a viable solution to foreclosure. However, the complex nature of real estate deals results in the need for a lawyer. Short sale attorneys can protect your interests and ensure a seamless process during this process by helping you in the instances explained below.
Negotiating with Lenders
Short sales involve negotiating with mortgage lenders to accept a sale price less than the mortgage debt. A Woodridge short sale attorney handles these negotiations on your behalf, helping to secure the most favorable terms. They have the legal knowledge to deal with complicated financial arrangements that will ensure that a short sale deal is equitable and reasonable. In addition, an attorney will help you understand and deal with any shortcomings that the lender may have after the sale, thereby protecting you from post-sale legal problems.
Mitigating Deficiency Judgments
In some short-sale transactions, the proceeds from the sale may not be enough to cover the full amount owed in the mortgage debt, resulting in a deficiency. A deficiency judgment is a court order obligating the homeowner to repay the remaining amount. Short-sale attorneys are very important in minimizing the effects of deficiency judgments. They may have the ability to negotiate with the lenders to waive deficiencies or seek legal ways to reduce financial damage to the homeowner.
Navigating Legal and Tax Implications
Short sales entail legal and tax aspects that require special consideration. A Woodridge short sale attorney can assist you in navigating through these implications ensuring that all the applicable laws and regulations are adhered to. They can also help with drafting and reviewing legal documents, including the purchase contract, and give guidance on possible tax implications.
Contact Covert Marrero Covert LLP and enjoy a smooth and legally sound short sale.
