Short-Sale and Avoiding Foreclosure
For many homeowners, the thought of losing their home due to serious financial hardship can be a difficult idea to grasp. Unfortunately, persons who have lost their job or have lost financial support due to divorce, death of a spouse, or other life-altering event may find that they are no longer able to make regular payments on their mortgage loan.
If you are unable to sell your home for the amount of money you owe to your lender, you may wish to consider a short-sale of your home to avoid foreclosure. If you lender agrees to a short-sale, you may be allowed to sell your home for less than the amount due to your mortgage lender in order to recover at least some of the money owed. For more information on short-sale and other methods of avoiding foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.
Common Factors for Short-Sales
While the specifics of each individual's financial situation may differ, common factors that affect short sales include:
- Serious financial hardship for the homeowner or homeowners
- Little or no property equity
- The home value no longer meets or exceeds the loan amount
- The property is in foreclosure or default
- The homeowner faces eviction within 60 days or less
In some cases, the bank or mortgage lender will allow you to sell your home for less than the original loan amount, simply to make sure that they collect at least some of the money owed and are not forced to take possession of the home for sale at a later date.
Contact Us
If you are facing serious financial hardship and are considering foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 to discuss your legal options.