Short Sale

Why Short Sale?

Understanding Short Sale

Short Sale is the sale of real estate in which the proceeds are less than what is owed on the balance of the loan. The negotiation to undergo a short sale versus a foreclosure is done between the lender and the homeowner’s representative in which both parties settle upon a discounted payoff amount. The bank and the mortgage lender agree upon a discounted loan balance due to financial or economic hardship that the borrower faces. Banks will incur a smaller financial loss in a short sale as opposed to the borrowers continued non-payment or foreclosure. As a result, the banks have more incentive to conduct your short sale. A short sale is typically faster and less expensive than a foreclosure and at times can mitigate damage to credit history and partially control debt. Lenders usually have loss mitigation departments that evaluate and determine short sale transactions.  

Prime Law Group understands these processes in-depth, and as a result, has a greater chance of obtaining a successful outcome. The financial crisis that occurred between 2007-2010 has caused mortgage lenders to be more willing to accept a short sale. For borrowers who owe more than their property is worth and are experiencing difficulty selling their home, a short sale is an opportunity for them to avoid foreclosure. Short sale success rates vary from state to state as well as from bank to bank. Our experienced short sale lawyers can present, build and execute a plan for your specific case to the Mortgage Lender for a more desirable outcome than you would attain on your own. Call today to find out more information if a short sale would be the right choice for you!