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Understanding Short Sale Negotiation

Forced Sale of Property to Repay Debts

When your home is sold for less than the balance owed on your mortgage, it is known as a short sale. It is a transaction that is mutually agreed upon by you and your lender, based on a financial hardship. Once the home is sold, money from the sale is paid to the lender which, at times, wholly satisfies the debt that you owed. In some cases, however, you will be held liable for the deficiency amount.

A short sale allows a homeowner to avoid the adverse credit consequences and large fees connected with foreclosure and may terminate any further financial obligation they have with the home. It can be advantageous for a lender as it prevents the high costs and time spent in foreclosure and they can still come out ahead financially, once the short sale is completed.

Understanding Liens

If you hear that someone owns a lien on your property, this simply means that your mortgage lender has the right to foreclose on your property if you fail to make payments. Failing to make mortgage payments will result in you defaulting on your loan. It is in these types of scenarios that your home may be placed on a short sale list. The proceeds that come from your sold home will go toward paying the debt that you owed your lienholder. A lien can only be legally canceled in the event that the property owner must report the discharged lien to the clerk of court. A lien can be discharged either by paying the amount in full, by the lien expiring or in rare cases, by debt forgiveness (bankruptcy or other contract). Mortgage liens are not to be confused with contractor's liens, divorce liens or other tax liens.

Short Sale Deficiencies

When the firm provides legal counsel to the seller, it removes an agent's liability in the sale and allows them to focus on the selling of property. The Department of Real Estate, Multiple Listing Service boards and National Brokerages now require the inclusion of an attorney, by an agent, in their short sale proceedings. This allows an agent to not have to contend with the complexity and many legal implications of these transactions.

For the homeowner, the firm answers your questions and investigates all of your legal options before the short sale process has begun. The attorneys work to quickly resolve any issues that arise so that the agreement proceeds as intended. In some cases, a deficiency can be negotiated so that you do not end up having to pay more on your home. If there is a deficiency, the firm knows your legal options and can assist you with the best way to proceed. If done in the proper manner, a short sale will benefit all parties concerned, without legal complications.

Proficient Financial Counsel You can Trust!

Price Law Group assists both homeowners and real estate agents with legal representation in a short sale. The firm's purpose is to successfully complete the process in the least amount of time with the best possible results and they have helped over 100,000 individuals through their financial difficulties and the elimination of their debts. Their fee for legal services rendered on a short sale is 1% of the purchase price and the firm is successful a majority of the time in recovering those fees directly from the lender. Contact their firm today for dedicated legal advise when you need it most!

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