Definition: A short sale is a process in which you negotiate with the loan servicer for the release of your mortgage when the net proceeds of sale are insufficient to fully satisfy the loan. Hopefully, the bank will accept the amount of the sale as a full satisfaction of the outstanding mortgage and release you from the remainder of your debt although this is not always the case.
Negotiating and conducting a short sale is a complicated process, but the attorneys at Galloway and Collens, PLLC, have the experience and skill to offer you peace of mind. If you have been getting the runaround from your bank when you have tried working with them, we can help.
Contact a Detroit short sale lawyer for experienced legal assistance.
Helping You Negotiate With Your Lender
If you are interested in pursuing a short sale, our attorneys will meet with you to review your financial information and gain an understanding of why you want to sell the property. We will then negotiate with the bank, skillfully explaining your hardship and why the bank should work with you toward a mutually beneficial solution.
The bank may offer options other than a standard short sale, such as a deed in lieu of foreclosure (in which the bank takes ownership of the deed and releases you from your mortgage) or restructuring of your loan. We will explain all your options to you and give you solid legal advice so you can decide which solution is right for you.
Making Sure The Sale Goes Smoothly
Once your lender has agreed to a short sale, the process of selling the property requires careful attention. If your sale documents are improperly drafted or submissions to the bank are untimely, the sale could be canceled or you could run into legal trouble with your realtor, the buyer or the bank.
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Contact A Huntington Woods Real Estate Lawyer
Galloway and Collens, PLLC, is devoted to helping homeowners around Detroit and throughout Michigan with the short sale process. Do not get stressed or intimidated. Contact us, and let experienced lawyers handle the negotiations and sale.