Short Sale to Prevent Foreclosure
Chino Bankruptcy Lawyer Helps Protect Your Credit
There are many reasons why you may be facing foreclosure, and it is important that you understand your options in these situations. At the Law Offices of David R. Gunnin, we have helped numerous clients through the process of a short sale in the past, and we can put this experience to work for you. It is important that you consider your various options to avoid foreclosure, and that you have representation on your side in this process. A short sale can help satisfy your debt and avoid having a foreclosure action on your financial record.
Short sales have become much more common since the real estate market collapsed. The purpose of a short sale is to sell your home and get the mortgage company to accept the sale proceeds minus the deficiency of any remaining debt. For example, if you sell a home for $100,000 but have a remaining mortgage debt of $150,000, your attorney negotiates a short sale in which the bank accepts $100,000 and excuses the remaining debt of $50,000. If your attorney can negotiate a short sale, two primary goals can be achieved:
- You avoid foreclosure
- You have part of your overall debt excused.
Let us advise you!
While short sales can be tremendously helpful for some individuals, they are not the correct solution for everyone. Moreover, your mortgage company has the right to refuse a short sale. In some cases, a Chapter 13 bankruptcy or a loan modification may be preferable to a short sale, as they may allow you to keep your home. If you are facing the threat of foreclosure, relief may be just a phone call away. Our office offers a free case evaluation so that you may obtain some legal advice and information regarding your situation before making any financial commitment to our office. Contact us today to discuss your case and to begin pursuing the results that you need.