Danbury Short Sale Attorney
What is a Short Sale in CT?
A short sale is the sale of your home for less than the existing amount of the mortgage or mortgages existing on your home. Many individuals in Connecticut are currently "underwater" on their mortgages, owing more than the home is worth.
When attempting to sell it, the only way to do it is the lender agrees to accept a short sale. Many banks will entertain this solution now that so many property owners are no longer able to afford their homes. A short sale attorney can provide you with the legal guidance you will need during this process.
In order to qualify for a short sale, you must present to your lender a clear picture of your financial outlook, as they need to make sure that you are truly unable to pay the mortgage under the original terms. The Law Office of Jowdy & Jowdy can assist you in preparing an accurate and beneficial statement of your income and liabilities to help get your short sale request approved.
Advantages of a Short Sale
There are various benefits to a short sale, they include:
- Eliminate your remaining mortgage debt
- Avoid foreclosure and it's negative effect
- Possible relocation assistance — can be up to $3,000
- Can start repairing credit score sooner and quicker
- May be able to get new mortgage to purchase a new home sooner
Short Sale Procedure in Connecticut and New York
This type of procedure is not easy to negotiate yourself with your lender. They are normally not very willing to work with the homeowner and the roadblocks they put up to avoid the short sale is best left to a professional to overcome. With skilled help, the attorney from the firm will submit the appropriate documentation and work with an interested buyer to negotiate the terms of the purchase. The advantages of a short sale include not having a foreclosure on your record as well as being free of the huge debt of an over-mortgaged home. Avoiding a bankruptcy is usually possible by eliminating this large payment.
There are many issues that can arise during the short sale process, including second mortgage liens, tax liens and potential buyers who do not qualify. For attention to detail and the resolve you need in your foreclosure defense, contact the firm so that action can be taken to quickly move forward with a short sale.
If you need an experienced lawyer to assist you with a short sale, contact a Short Sale Lawyer today.
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