Has your lender agreed to allow you to sell your home for less than the amount you owe to recoup at least some of the money they’re owed and avoid the prospect of going through a foreclosure? Are you wondering if a short sale would be better for you than a foreclosure? Do you know whether to work with a real estate agent or Crystal Lake short sale lawyers during the process?
Why You Need Legal Help, Not Real Estate Expertise
First, understand that working with a real estate agent is not the best way to proceed. You need in-depth real estate law expertise, not real estate market experience. While a realtor might be able to offer you some basic guidance, you won’t be able to go through the entire process with a real estate agent. You definitely need an attorney.
Is a Short Sale the Right Option?
Short sales may not always the be right option for you. Yes, they can help you avoid further damage to your credit report, but short sales can be significantly stressful and difficult. You need sound expert advice about both the financial and legal repercussions of foreclosure versus a short sale to help you make an informed decision.
You Could Still Be Liable
The point of a short sale is to get out of your mortgage for less than you owe. While your bank might agree to this in principle, understand that they still might come after you with a deficiency judgment. This essentially means that you are still personally liable for the debt, and will require that you pay the bank the difference between the amount you see from a short sale and the amount you owe the bank. If the court grants a deficiency judgment, the lender could garnish your wages, or levy your bank account to make up the difference still owed.
Working with a Short Sale Lawyer
Working with Crystal Lake short sale lawyers ensures that you have more than just expert guidance through the process. You gain the ability to negotiate with the bank, to potentially head off serious issues like deficiency judgments, and stand the best chance of getting your life back on track.
If you’re facing foreclosure, a short sale may be an option, but you need expert legal representation. Contact Jackson Abdalla Law Group for a free consultation on your case.
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