When faced with a large amount of debt, one of the hardest things to keep control over is your mortgage payments. These are usually the highest bill that you will need to pay each month and most lending companies are not too lenient if you do come up short. While credit card companies allow you to pay a minimum interest only amount, mortgage lenders will usually not let you do this unless you completely negotiate the loan. So, what this means is that many homeowners struggling with debt will be faced with the prospect of losing their property due to foreclosure.
A short sale is an alternative to foreclosure that you may want to consider if you are facing a home foreclosure. A short sale allows you to sell your home to a third party and then pay this amount to the lender and walk away. Rather than having your home stripped from you, you are selling it back and able to walk away mortgage free, even if you do still owe a slight debt. For example, in a short sale, you may owe the lending company $250,000 but only sell the home for $225,000. In a short sale, the lending company will let the extra $25,000 slide. While you won’t profit from your home, you also won’t be left with a black tick on your record that a foreclosure can cause.
There are a few rules and regulations surrounding short sales, however. One of the things is that you need a trained professional to file the paperwork and work with the lending company to agree to a short sale. At Buettner Law Group, LLC, we can handle this for you. If you are looking to avoid foreclosure, to avoid bankruptcy and to walk away from debt, then short selling your home may be the solution. Contact us today at 612-377-5311 for a free initial consultation.
Short sales are complicated to say the least and they do require a certain period of time. They also require a large amount of paperwork and a lending company that is on board. However, when the process is done correctly from the start, with the help of a Minneapolis short sale lawyer, then you will benefit with a short sale. A short sale:
- Allows you to avoid foreclosure
- Allows you to avoid bankruptcy
- Allows you to remain in control of your situation – you are selling the house, not having it stripped away from you
- Keeps your credit rating in tact
Knowing what is right for your situation can be tricky, especially when you are under tremendous pressure from creditors and your lending company. Having an experienced Minneapolis bankruptcy lawyer assess your situation can help you determine what it right and whether a short sale bankruptcy is something that could work for you. We offer you compassion, support and experienced yet affordable representation during this time. Contact our team at the Buettner Law Group, LLC today at 612-377-5311 for a free initial consultation.