Short Sales Lawyer in Connecticut
Why You Need a Foreclosure Attorney on Your Side
Connecticut homeowners are no exception to the increase of foreclosures
happening nationwide. There are alternatives to foreclosure, however,
such as short sales. When a property owner nears bankruptcy and foreclosure
on their home, a short sale can be a way out. Even if a property owner
owes more to their lender than their property is worth, a short sale may
still be possible.
Wondering if a short sale is an option for your property? Our Connecticut
foreclosure defense attorney can walk you through the steps of utilizing
short sale to keep you afloat.
free case evaluation, do not hesitate to
contact us today!
What is a short sale and is it right for me?
In a short sale, a lender will agree to accept a lower amount than what
is owed on the mortgage in order to make some profit off it, rather than
see it go into foreclosure.
Lenders may accept a request for a short sale with the following conditions:
- The price requested by the owner for the short sale must be according to
the actual market value of the property
- The owner of the property must have no financial means to pay the balance
of the mortgage as shown by a financial statement, tax return, or W-2
- There must be a buyer who is ready, willing, and able to purchase the property
- None of the proceeds from the sale may go to the seller
- Before agreeing to the request, the lender will need a settlement statement
from Housing and Urban Development to see just how much it will net from
the short sale
Do I need a foreclosure attorney for a short sale?
Requesting a short sale does not mean the lender will cease their foreclosure
action. If the lender obtains a judgment of foreclosure before approving
or denying a short sale, you will be unable to do so. A lender may be
able to obtain a judgment in under two weeks while taking between three
weeks and three months to decide on a short sale. This makes it crucial
for you to have legal counsel every step of the way.
You need The Woods Law Firm, LLC on your side to advise you. Unlike lenders,
we always keep our clients' best interests in mind. Our Hartford County
foreclosure defense attorneys can help you determine if a short sale is
the right option for your home and guide you through the process.
Get in touch with our firm today to discuss your home situation.