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.
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.