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Are you a property owner looking to sell your home but owe more than what it is worth? Don’t know where to start? MartLaw can help!
A short sale is a real estate transaction in which the sale proceeds fall short of the balance owed on the property’s loan. In certain cases, a borrower can ask the lien holder to approve a short sale of the property and accept less than the outstanding loan amount. Short sales usually occur when a borrower cannot pay the mortgage loan on the property. Both lender and borrower benefit from a short sale by avoiding foreclosure, avoiding costly fees incurred by the lender, and avoiding negative credit report implications for the borrower. Short sale applications, however, are lengthy, involved, and complicated. MartLaw is here to help guide you through the process every step of the way and will strive for a successful outcome.