Legal representation will help protect you in a real estate transaction, whichever side you're on, and could save you thousands.We’re there for you in a short sale

If your home’s equity (value) has fallen below the amount of debt owed on the property (mortgages, judgement liens, etc) you may qualify for a Short Sale. A short sale is a negotiated sale of the home where the bank or lien holder is willing to accept a lower amount than is owed for a payoff. For instance, if your mortgage is $300,000 but your home’s fair market value is $200,000, the bank may accept a purchase price around $200,000 to release the lien on the property to allow the property to transfer, and possibly forgive your debt of $100,000.

The short sale process requires a lot of patience, knowledge and determination. Often times, it is conducted in conjunction with foreclosure defense and bankruptcy. Rosenberg, Miller, Hite & Morilla has often worked with clients on multiple levels to ensure a smooth transaction that is in the best interest of our clients. It is always our goal to look at your entire situation and provide you with all of your options so that you can make the most educated decision on how to proceed with making these very major decisions.

Other reasons for short sales

Often, short sale clients are already in foreclosure procedures with their lien holder. However, it is not necessary to be delinquent on your mortgage payments to initiate a short sale. Another reason clients have needed short sales is when they must relocate for any number of reasons and cannot afford two homes. In that scenario, clients must sell their home to purchase another home in the area they are relocating.

It is important to note that there are potential tax consequences to completing a short sale and it is important to consult a tax professional prior to entering into a contract.

Short sale process

The short sale process can be long and complicated. There are many factors that have to fall in to place and timing is important. Having an experienced attorney working on the file and negotiating with the lien holders is extremely important to attain the approval desired to reach the closing table.

Short sales can take anywhere from 3 to 9 months and sometimes longer. Each bank has its own process and steps to follow.

You can expect that your attorney will request several items from you in preparation for the negotiation:

  1. 3 months of bank statements
  2. 3 months of pay stubs
  3. Letter of Authorization
  4. Letter of Hardship
  5. Financial Affidavit (usually bank specific form)
  6. Last years taxes and W2 or profit and loss

We teach other realtors

Attorney Max Rosenberg and Paralegal Osi Korn-Rosenberg are the continuing education teachers at the Greater Bridgeport Board of Realtors. One of the courses they conduct for the Realtors is Short Sales, Foreclosures and Title Searches.

We are ready to meet with you to discuss your situation and work with you on your Short Sale.



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