For the past few years, we have seen more and more headlines about troubles in the housing market. In Detroit and throughout Michigan, many people who have moved out of their homes are left with mortgage and home equity loan obligations from the old home since they cannot sell their property for more than is owed on it.
At Galloway and Collens, PLLC, we are here to help. An increasingly popular option for mortgage holders is the short sale. In this process, lenders allow borrowers to sell their homes and discharge their loans with the proceeds even though the funds received are less than the balance owing. We can help you negotiate a short sale agreement with your lender and sell your property in compliance with the agreement.
Don't Hesitate – Act Now To Avoid Negative Consequences
Dealing with mortgage and home equity lenders yourself can be frustrating and time-consuming. Without an experienced attorney, you may struggle with the financial and legal considerations or simply not have the time to wait to speak with your lender during your busy day. You may be worried about consequences such as:
- Foreclosure: If you cannot keep up with your payments and do not negotiate an alternative arrangement with your lender, you could face foreclosure. We can help you understand your options and make your case to your lender.
- Condemnation: Even if you can afford to pay two mortgages, if you leave your property vacant, break-ins or everyday maintenance issues may create problems that lead to tickets and condemnation. A short sale may be a better option.
- Bankruptcy: When you need to sell your property in order to avoid bankruptcy, your urgency may not be matched by responsiveness on the part of lenders. We can deal with the bank, and you can have peace of mind.
- Low credit score: How you manage housing debt can affect your credit report – the record of your loans and repayment. Your credit report is factored into your credit score and may impact your ability to borrow money for other things. We will help you find a solution that minimizes the impact on your credit report.
If you are considering a short sale or alternative way of getting rid of your property, such as a deed in lieu of foreclosure or restructuring of your loan, contact us to get the real estate lawyers at Galloway and Collens, PLLC, on your side.