Save Time and Money in a Short Sale
Experienced Advice and Legal Representation in New Jersey
A short sale occurs when a lender or mortgage company agrees to accept less money than the outstanding mortgage to satisfy a debt. Short sales can be beneficial for both parties in a mortgage, since it is typically in the interest of the property owner and the lender to avoid foreclosure.
At the law firm of Brenner, Brenner & Spiller, we represent clients who may benefit from selling their homes in short sales, instead of going through the foreclosure process. Short sales are generally more complicated and time consuming than the average real estate sale. If you are considering a short sale or another option for saving your home from foreclosure, it is in your best interest to hire an experienced bankruptcy lawyer to guide you through the process.
Contact us today to schedule an appointment for a free initial consultation.
Benefits for Lenders in Short Sales
Since a lender will receive less money than the outstanding loan amount in a short sale, many prospective clients ask us why lenders would agree to short sales. The answer is that lenders will usually lose more money in the foreclosure process than they would lose in a short sale. Lenders do not like managing and owning foreclosed property, which can be costly. Short sales usually save lenders and property owners time and money.
In order to complete a short sale, the property owner must take the following steps:
- Contact an attorney to gather and draft documents to submit to mortgage company.
- Contact a realtor to find a buyer for the property at the current market price.
- The realtor must find a bona fide purchaser for the property at the current market price.
- Submit the short sale offer and purchase agreement to the lender.
- At Brenner, Brenner & Spiller, we work with property owners in the negotiation of contracts and throughout the process of short sales to ensure that the process is as smooth as possible.
Contact Brenner, Brenner & Spiller
If you believe you may benefit from selling your home in a short sale, contact a lawyer at the law firm of Brenner, Brenner & Spiller today. We offer a free initial consultation to every prospective client. Call us at 856-963-5000.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
