Short Sales and Foreclosure Lawyer
Real estate agents and many mortgage lenders are quick to push delinquent homeowners into accepting a short sale, instead of letting their property go into foreclosure. In a short sale, the homeowner agrees to sell the house to a prospective buyer for less than the amount owed on the mortgage. Prior to the sale, however, the homeowner must negotiate with the bank to accept the amount offered, rather than taking the house into foreclosure. It is clear that only two parties really come out ahead on the deal, neither of which are the homeowner. The real estate agent, of course, will get commission on the sale and the banker reduces the risk of owning a property that might take a long time to sell in a depressed real estate market. The homeowner, on the other hand, loses the house with no equity in the bank.