Short Sale Real Estate Lawyer
Martinsburg, WV & Berkeley Springs, WV
Trump & Trump, L.C. Offer WV Real Estate Expertise
The attorneys of Trump & Trump, L.C. have the real estate expertise to handle short sale negotiations. We are happy to assist residents of the Martinsburg, WV and Berkeley Springs, WV areas who are borrowers in default and wish to apply for short sale approval with their lender. Call today to our Trump & Trump, L.C. office in Martinsburg at (304) 267-7270 or our Berkeley Springs office at (304) 258-1414 or contact us online for an appointment to discuss your short sale matter with one of our lawyers.
Get the Answers You Need on Loans in Default and Short Sale Requests
Every lender has their own guidelines for how they handle short sales on loans in default. Our lawyers know the typical information lenders require in order to consider a short sale request. Conferring with a knowledgeable attorney about your specific situation gives you a better idea of whether the lender may be likely to approve the proposal. For example, if there are multiple loans on the property, both lenders would have to agree to the sale. There are several factors to review and, depending on the lender the short sale process can take several months to complete. A skilled lawyer from Trump & Trump, L.C. will go over the details.
Determine the Amount to Cure the Default and Avoid Foreclosure
When a borrower’s economic circumstances change, lenders know it often makes better financial sense to avoid foreclosure. There are added costs involved with foreclosure, so the short sale would need to outline these benefits. Lenders determine how much they accept after considering the debtor’s financial position, which means sharing recent tax returns, pay stubs, bank statement, and a list of monthly expenses that indicate the hardship. They also request a Broker Price Opinion (BPO), which is a realtor’s opinion of a probably selling price for the property, or an appraisal. The lender may choose to release the collateral (property) or the debt (loan).
A release of the collateral means the lender accepts the short sale amount in order to let the property be sold to the buyer, allowing the property to be free and clear of the lender’s lien.
A release of the debt means that the lender accepts the short sale payment as complete satisfaction of the debt and will not attempt to collect the remaining deficiency.
Consult with a Real Estate Lawyer at Trump & Trump, L.C.
There are various fees associated with a short sale, credit and tax considerations, and the lender may approve the sale but require a ‘soft note’ that requires payment of the outstanding debt after the property is released for sale. For these many reasons, it is wise to consult with a residential real estate lawyer at a Trump & Trump, L.C. office as soon as possible.