Exploring the Option of a Short Sale
If you are one of the millions of Americans in financial peril because of delinquent house payments and other monetary stresses, you are no doubt losing a lot of sleep and spending a lot of your days worrying about the next steps. You have heard horror stories of foreclosures and wonder how you could even begin to walk away from your house when you are so upside down in your mortgage. Will a bank be able to come after you to collect the tens of thousands of dollars in negative equity? Where do you even start? Knowledgeable answers and compassionate consultations are available at any time from a Houston bankruptcy attorney.
One option open to troubled homeowners who are simply trying to get out of a bad investment or toxic mortgage is called a short sale. This kind of sale is where you negotiate with your bank so that they will accept a lower price for the house than what you owe on it. Because of the high cost of foreclosure for a bank, they may see inherent value in accepting less money on a house up front, especially if property values have plummeted in the area. If a bank senses a lengthy and costly process of foreclosing, repairing, marketing, and waiting for a house to sell, they might accept a short sale. This would relinquish you from a difficult burden, and while it will still do some damage to your credit score, it will be far less than had you experienced a foreclosure.
It is critical that you obtain excellent legal help if you are facing foreclosure and wish to explore a short sale. You will need a powerful consumer advocate on your side, one that can negotiate with lenders and grease the wheels of progress in ways that you cannot do alone. The attorneys at Stockton Law Offices have extensive experience and success in helping many a client through the short sale process, and we are ready to provide caring help to you as well.