When a homeowner in West Dundee is facing foreclosure on their property, it can often seem as though they do not have anywhere they can turn. However, short sales are one of the methods used that has the potential to allow owners to avoid going through foreclosure and bankruptcy. This could be a good solution for your needs, if you find that you are behind on your payments and are staring down foreclosure. Even when you owe more than the home is worth, it can still be possible to go through a short sale. The best course of action is to get in touch with short sale lawyers who can explain the process to you.
How Does the Short Sale Work?
During a short sale, the lender that you owe agrees to accept a smaller amount than what you owe on the mortgage. When they agree to the terms, they will allow you to go through with the sale and will not pursue foreclosure. Let’s look at a basic example of how this might work in practice.
A Simple Example
If you have a home where you still owe $300,000, but you are only able to sell the house for $275,000, and the lender agrees to have it sold for that amount, it would be a short sale. The owner would be able to get a release of mortgage from the lender. Just keep in mind that the lender needs to agree, and this is not always easy. However, when you have the right help walking you through this process, it can be made somewhat simpler.
Why Work With Short Sale Lawyers?
Short sale lawyers are highly experienced when it comes to this aspect of real estate law, and they can provide you with the guidance you need. Going through a short sale will allow you to avoid bankruptcy and foreclosure, as mentioned. It can also eliminate the balance of a mortgage or home equity loan. It is easier to save your credit and your finance when you go through one of these sales. Working with an attorney who has your best interests in mind can make a real difference.
Work With the Best
If you are in the West Dundee area and you are facing foreclosure right now, you want to act quickly. Get in touch with the best attorneys in the area who can help you with your short sale. Casement Law Group, P.C. is ready to help you today.
