Short Sales

A short sale is the term used when you sell your house for an amount which is less than what you owe per your mortgage agreement. It is a method of getting out of a home that you can no longer make the mortgage payments on and in a way that will do less damage to your credit than other financial solutions. Generally, a short sale is an agreed upon transaction between you and your lender because it benefits both parties. They are usually less expensive and faster to get done than a foreclosure.

The advantages to you are plain to see. A lender can be made amenable to a short sale, however, when they can avoid a loss of income resulting from non-payment of a mortgage, will have an asset they can sell in the future and to avoid going through foreclosure proceedings. A committed Tracy bankruptcy lawyer from Michael S. Martin, P.C. can review your mortgage and overall financial situation to find out if a short sale will be the most optimum way for you to proceed.

Negotiating a Short Sale

In a short sale, the money made from selling the home will be retained by your lender. In some cases, the money made from the sale will be less than what you owe in accordance with your mortgage agreement. The difference is called a "deficiency" and part of my job is to negotiate with your lender regarding what is to be done to resolve this shortage. By providing data on your income, current financial hardships and the benefits your lender will derive from the short sale, a positive agreement can frequently be reached to lessen the amount you will need to pay.

Although a short sale may provide much needed foreclosure defense, it may not be the most viable solution to your debt problems. In assisting local residents with tough financial situations, I have found that either Chapter 7 or 13 bankruptcies can relieve the burden associated with severe debt while permitting them to regain control of their finances. Filing for bankruptcy has the additional benefit of putting an immediate halt to all bill collection actions, including attempts to foreclose on your home and this may be just the help you need.

Contact a Tracy bankruptcy attorney to learn how a short sale can be used to help relieve your financial stress.

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Why Choose Us:

As a former prosecutor, I have handled an extensive and heavy caseload and spent countless hours negotiating with other attorneys and preparing for and taking cases to trial. As a prosecutor I handled over 500 arraignments, 40 cases to resolution, and five jury trials, including a six week special circumstance homicide trial, as a second chair attorney. It is this experience that I will bring to your case. You can be assured, my office will communicate with you as your case develops and zealously represent you. While my office handles a variety of types of cases I have dedicated a majority of my practice to representation in criminal law, bankruptcy, and personal injury.