Like millions of other Americans, you bought a home, and thought it was a good decision for both your family and your financial future. But somewhere along the way, the American dream turned into a nightmare. Perhaps you bought at the peak of the market and your house has lost significant value. Maybe you lost your job and can no longer afford the mortgage payments. Or perhaps you were transferred and haven't been able to sell your property. If these or similar circumstances describe your situation, a short sale may be the answer.
What Is A Short Sale?
A short sale is a negotiation with your lender to secure the discharge of your mortgage for an amount less than what you currently owe to facilitate the closing of your sale. If timely approved by the bank, a short sale may allow you to avoid foreclosure and may lessen the impact upon your credit score. If you can negotiate a deal with a buyer that the bank will accept, even if it is less than the current balance on your mortgage loan, you may be able to "get out from under your house" and move on with your life. Mortgage lenders don't like the idea of losing money any more than the rest of us do, but it often is in their best interests to work with you to allow the sale and avoid the property coming back to them.
Free Initial Phone Consultation • Reasonable Fees • Years Of Experience
Galloway and Collens, PLLC, is one of the Detroit area's leading real estate law firms. Our experienced Detroit real estate attorneys provide a full array of legal and negotiation services to help homeowners and buyers navigate the short sales process. From our offices in Huntington Woods, Michigan, we provide advice and representation to clients throughout the state.
We offer a free initial telephone consultation to discuss your financial circumstances. After speaking on the phone, you may choose to schedule an office appointment to bring in any supporting documentation where one of our real estate attorneys will review the specifics of your situation in more detail. During your first office appointment, we will evaluate your overall position by looking at four key components of every short sale transaction:
- The challenge — Why do you need to get out from under your home? What has changed since you purchased or last refinanced your home?
- The goals — What do you hope to accomplish? Do you need to get out quickly or are you able to hold the property and lease it until the best offer comes along?
- The strategy — What options are available to you? Of all your options, which is most likely to result in the best outcome for you and your family? How will you achieve your goals despite the challenges and with the least potential exposure? There is no sense in struggling uphill and against the wind by yourself when our skilled attorneys with more than 17 years of short sale experience are available to help you.
- The solution — We will start working with the bank immediately to resolve your problem in a way that works for everyone, you, a prospective buyer, and your lender.
Contact A Huntington Woods Short Sale Lawyer
Contact us to arrange a free initial phone consultation with one of our experienced real estate lawyers. We represent clients in communities throughout Michigan and those buying or selling real estate in Michigan.