What Is A Short Sale?
A short sale occurs when a lender allows you to sell your home for less than what you owe on your mortgage. Having a mortgage balance that is greater than your home’s value can be very stressful and make you feel trapped. If you find yourself in a position where you are unable to make your mortgage payments and you cannot break even on the sale of your house or your home is going into foreclosure, a short sale might be an option for you.
St. Louis Realtor And Short Sale Attorney
A short sale is a much better alternative than foreclosure for both the owner and the banks. For borrowers, it lessens the damage to their credit, shortens the time before they can take out a new mortgage and often we are able to negotiate with the bank to waive the deficiency (difference between the outstanding balance of the mortgage and the amount the home is sold for). This means the bank cannot come after you for the amount you technically still owe after the home is sold. We cannot stress enough the importance of using a Realtor who is also a real estate attorney in the short sale process. Our lawyers can assess your situation and determine if a short sale is the best option for you and your family. We then will work with the banks to negotiate with the goal of a quick, successful short sale.