Understanding the Truth About Short Sales | San Diego Attorney
Avoiding More Trouble. Avoiding Short Sales.
Short sales may seem like a promising option for homeowners who want to avoid foreclosure. A bank may even agree to sell the property at a loss. However, while the bank and realtor receive some benefits — they do not have to pay large foreclosure fees — the short sale process rarely benefits homeowners. It only accelerates the time the homeowner has to move out.
As an experienced bankruptcy and foreclosure lawyer, D.J. Rausa has helped clients find workable debt relief solutions for more nearly 20 years. He has a clear understanding of the options available to clients who risk losing their homes. Before the mortgage company talks you into a foreclosure or short sale, talk to him to learn the truth about short sales.
The Dangers of Short Sales
The short sale process can be very frustrating. Mortgage companies have a variety of requirements, including requiring extensive financial disclosures. Furthermore, they often lack the key personnel and decision-makers to authorize a short sale, which slows down the process. Other short sale dangers include:
- Serious tax consequences: California taxes homeowners on the debt they lose by getting rid of their homes.
- Fees and costs: You may have to pay fees and costs related to your home's sale.
- Foreclosure: The short sale does not stop or suspend the foreclosure process, absent voluntary suspension by the mortgage company.
- Mortgage company disagreements: If there are two mortgages involved in a short sale, one mortgage company may agree to it while the other may not.
- Misinformation from real estate agents: Most real estate agents are not well-trained in short sales and fail to advise their clients correctly.
Finally, if the short sale process goes through and you encounter problems, it will be too late to get relief through Chapter 7 or Chapter 13 bankruptcy.
Engage a Lawyer Early
The best way to prevent problems is to engage an attorney early in the process. Attorney Rausa will ensure that your rights are protected and that you avoid any negative ramifications from the sale of your home. He provides mortgage advice and will discuss all potential options, including strategic foreclosure or bankruptcy.
Contact a Mission Valley, CA, Mortgage Advice Lawyer
Learn the truth about short saless and home foreclosure. Call D.J. Rausa toll free at 1-888-712-5978 to schedule a free initial consultation with an experienced San Diego home foreclosure lawyer. Consultations are available by appointment during regular business hours. Evening and Saturday appointments are also available.
Free Initial Consultations * Available Evening and Weekend Appointments
