Economic times haven't always been this tough in Michigan. When the auto industry was going well and unemployment was low, thousands of families purchased vacation homes or recreational property, but times have changed. Property values have decreased dramatically and selling your cottage or second home for a profit may no longer be possible.
If you hold a mortgage on a second home or vacation home that you can no longer afford, getting your mortgage lender to agree to a short sale may be your best solution. In the simplest terms, a short sale is an agreement with your bank or mortgage lender to allow you to sell your vacation home for less than the current mortgage amount. Because of the different tax treatment for short sales of vacation property and second homes, you need the assistance of knowledgeable legal professionals to help you navigate a short sale negotiation.
Free Initial Phone Consultation • Reasonable Fees • Years Of Experience
If you are wondering whether a short sale is your best solution, talk to an attorney at Galloway and Collens, PLLC. For more than 15 years, we have been the Michigan real estate attorneys people turn to for:
- Complex short sales negotiations
- Selling vacation homes and second homes
- Mortgage modifications
- Deeds in lieu of foreclosure
- Sale after foreclosure
- Redemption after the Sheriff's sale
- Government programs to prevent foreclosure
- Purchasing property from a bank
You Have Enough Frustration Right Now. Let Us Negotiate Your Short Sale.
Negotiating a short sale with a bank on your own can be frustrating if not impossible. Many people make the mistake of thinking the bank will naturally want to accept whatever money they can get, rather than deny a short sale. It doesn't always work that way. Lenders may be reluctant to back down on the original terms of the mortgage depending on your financial position and hardship. Successful negotiation requires understanding the challenges, your goals, the proper strategies, and what results you are willing to accept.
"Bankers often assume that people who own a second home have higher net worth. That makes it more difficult to get approved for a short sale. You have several legal and financial options. A short sale is just one of ways of getting out from under your vacation home. Talk to us about your options." — Attorney T. Scott Galloway
No matter where you own your vacation property or second home, contact our offices toll free in Huntington Woods, Michigan, to discuss the short sale process with one of our lawyers. We provide a free initial phone consultation to discuss your circumstances and your options. We represent clients in the metropolitan Detroit area and throughout Michigan as well as anyone dealing with real estate issues throughout the state.