Home Short Sales in Burlington County, NJ
Facing foreclosure? We can help – click here for a free assessment of your financial situation.
How Short Sales Work
When you are behind on your mortgage payments and are issued a foreclosure summons, you should immediately contact a NJ bankruptcy attorney at McDowell Posternock Apell & Detrick, PC to discuss your options and avoid foreclosure. The value of many people’s homes plummeted after the 2008 mortgage crisis, leaving them with mortgages higher than their home’s value. In a short sale, your creditor agrees that you can sell your home at its current market value, voiding any of your mortgage debt.
Even if you decide not to keep your home, it is best to avoid foreclosure at all costs because it will damage your credit heavily. A short sale may eliminate your mortgage debt, leave your current credit intact, and help you avoid the possibility of bankruptcy. If you plan on declaring bankruptcy, a short sale can be negotiated in conjunction with the bankruptcy proceedings. The NJ bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC have 80 years of combined experience helping our clients avoid foreclosure and negotiate short sales.
Potential Short Sale Issues
A short sale works in a mortgage lender’s favor because foreclosures can take years and are expensive to complete. A short sale is quick and will save, rather than cost, the lender money. This isn’t to say that your creditor will readily negotiate a short sale. One common issue associated with short sales is that some lenders will agree to the sale, but demand that you pay some or all of the balance of your loan.
For this reason alone, it is important to have a NJ bankruptcy attorney by your side while negotiating a short sale. Your McDowell Posternock Apell & Detrick, PC attorney will speak on your behalf during short sale negotiations, ensuring that the lender isn’t trying to slide one by you by getting you to accept the short end of the stick. Only an experienced bankruptcy lawyer can safeguard you from the mortgage lender’s financial intentions and help guarantee the best possible outcome for your short sale.
Why should I discuss a short sale with a bankruptcy attorney?
- Learn all of the details involved in a short sale.
- A bankruptcy attorney is best equipped to negotiate a short sale with a mortgage lender.
- You can fully explore all the options for catching up on your mortgage loan debt or adjusting your monthly payments.
Seek bankruptcy advice with a free phone consultation
If you are facing foreclosure, it is important to be aware of all your available options. A short sale may be one of the best ways for you to avoid both bankruptcy and foreclosure. Call the South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC today or fill out the contact form to learn the best way for you to avoid foreclosure and deal with your mortgage debt.