Maryland Short Sale Attorney
When you owe more than your house is worth, a short sale may be your way out.
A short sale allows you to resolve your mortgage debt by selling your house for an amount less than what you owe the bank. In order to make a short sale, however, you must get approval from your lender and other lien holders. These complex negotiations often call for the advice of an experienced attorney.
If you find yourself unable to bear the weight of your mortgage debt, contact the Maryland short sale lawyers of Chaifetz & Coyle, P.C. for a consultation regarding your options. Call 443-546-4608 today.
Why Make a Short Sale?
A short sale is often the best option for homeowners who owe more on their mortgages than their house is actually worth. A short sell is a good way of avoiding the negative effects of a foreclosure. Although a record of the short sale will remain in your credit report for up to 7 years, it is far less damaging to your credit than an actual foreclosure.
Negotiating a Short Sale
Short sales can be very difficult to arrange. Because your lender is not obligated to let the short sale take place, you and your attorney must convince the lender that the sale is a better financial option than foreclosure. The proceedings become even more complicated when other lien holders and/or insurers get involved. An experienced Maryland short sale attorney from Chaifetz & Coyle, P.C. can help you protect your interests during the negotiations.
When setting up a short sale, you must also consider the difference between your home’s sale price and the amount you owe on your mortgage. Unless the bank chooses to forgive the remaining balance, you may be responsible for the difference.
The Maryland short sale attorneys of Chaifetz & Coyle, P.C. are dedicated to helping you resolve your mortgage problems. Call 443-546-4608 to learn more.