Massachusetts Short Sale

A short sale is a when a lender or bank agrees to discount a loan balance due a borrower’s economic hardship. Banks often allow this when it will result in a smaller financial loss than a foreclosure. Our firm has represented numerous individuals in short sale matters and can help advocate for a short sale in your case if your situation warrants this type of action. We can also help you understand how a sheriff’s sale works and how it may affect you.

Negotiating with the Lender

We pride ourselves on being skilled negotiators. Utilizing these skills, we can help clients negotiate with their lenders to restructure loan terms and payments. Though this is not always possible, it is one avenue through which you may be able to keep your home.

In attempting to stop foreclosure, we can also closely examine other aspects of the lender’s background and interactions with you to see if there is any fraud or violation of truth-in-lending laws.

You have options for dealing with foreclosure issues. We offer a free initial consultation to discuss foreclosure prevention options.

Massachusetts Real Estate Short Sales

Defaulting on mortgage payments can be a difficult situation. Many people find themselves falling into default, or are already in default, and don’t realize that there are options available before the bank takes the house away. A short sale is an excellent way to avoid foreclosure, the credit damage of foreclosure and can offer time and protection, as long as it is done properly by a qualified attorney.

A Short Sale or Short Pay is when the lender(s) agrees to accept a sales price of fair market value for your property despite the loan or loans totaling more than what the property is worth.

In this scenario, and when negotiated properly with BOTH an attorney and experienced realtor involved, the lender takes a loss on the property and writes off the difference between what was owed on the property and the final real estate short sales price. In most cases, the lender takes less than what is owed on the property to fully satisfy the loan, but this is part of the negotiation. We attempt to negotiate for no deficiency judgments, no promissory notes, nothing owed and no liability.

Read theĀ Massachusetts Short Sale Faq’s here.

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