Helping Homeowners Negotiate Short Sales in Georgia
If you are struggling to make your mortgage payments, you likely feel trapped. On top of that, you might be upside-down on your mortgage. Your situation is not unusual, but most people have found that they simply cannot make any progress when they try to work with banks directly.
You may need an experienced real estate attorney to negotiate with your bank so that you can find a solution that does not end in foreclosure and bankruptcy. One such solution is a negotiated short sale of your property.
At Suarino Law, PC our legacy has been built in part on our strong negotiation skills. We have deep roots in both bankruptcy and real estate law. The attorneys of our law firm have extensive experience striking deals with lenders to help clients avoid foreclosure. Let us put our experience to work for you.
Before founding our firm, Steve Suarino worked as a collections lawyer, which gives him a thorough understanding of how much lenders stand to lose when they foreclose on a home. His experience can be a great benefit to clients on the brink of foreclosure.
Contact us to schedule a convenient consultation and find out how we can help you.
Ready to Help You Resolve Your Problem Mortgage Through a Short Sale
A short sale can be a viable solution for someone who is willing to sell their property. Many people are finding that they cannot sell in the current market without taking a large loss, which would not cover what they owe to their mortgage lenders.
A short sale is an agreement made in advance with your lender. You will need to demonstrate you cannot afford your mortgage and would not be able to pay off any shortfall if you sold the house. Under certain circumstances, your lender will agree to cooperate as you sell the house at a loss, then forgive any shortfall.
The attorneys of Suarino Law can negotiate directly with your lender during this process. People often qualify for short sales because of a job loss, because of a reduction in pay or benefits, because of an illness or disability affecting their ability to work, or because the original mortgage borrower has died.
Know the Facts
At Suarino Law, we want clients to know the facts before determining if a short sale is the right solution. We will clearly explain the benefits and risks associated with seeking to negotiate a short sale. It can be a lengthy process. The end result will affect your credit. Banks may refuse to work with you if you have a second mortgage. Even if they do, any unpaid second mortgage will not be forgiven in the short sale, although the debt is typically dischargeable in Chapter 7 bankruptcy.
Homeowners who negotiate short sales through Fannie Mae will be eligible to buy a new house in three years, while individuals affected by foreclosures will not be eligible for four years.
Contact Us Today
We have experience working with lenders, brokers and sellers, and we are available to help you determine the best option in your situation. Contact us online. Or, call us toll free at 866-902-6612 or locally at 678-373-0676 to find out how we can help you.
