A mortgage short sale is not an option that everyone will want to consider. When debt becomes overwhelming, however, it is necessary to discuss your future financial stability with an experienced New Jersey short sale attorney.
A short sale is a very specific situation where the bank will agree to sell your house for less than you owe on the mortgage. The main question here is, What happens to the remaining debt? If you sell the house for less than is actually owed, the lender may forgive the remaining debt. Or, of course, the lender might require you to pay the difference. In these situations, it is totally up to the bank. We can negotiate on your behalf to ensure your rights are protected throughout. It is important that you receive a full release on the balance of any debt or the short sale is not worth it. Our firm can review the documents and make sure you are receiving a full release. In addition, you may have to be concerned with a tax or 1099 for the debt forgiveness on the amount of the debt that was forgiven. These issues should be reviewed by a qualified attorney before you agree to or complete a short sale.
Wayne Home Short Sale Attorney
A short sale is the perfect option for some individuals, but the wrong solution for others. You should schedule a free consultation with a lawyer at Scura, Mealey, Wigfield & Heyer, LLP, so we can carefully examine your situation, and provide information about the costs and benefits associated with your various options. Many financial solutions can quickly become confusing when dealing with cumbersome paperwork and unforgiving timelines. It is the job of your experienced lawyer to guide you through the process effectively and in the most cost-efficient manner possible.
Contact Our Firm
If you have questions about short sales, do not hesitate to schedule a free consultation with an attorney at Scura, Mealey, Wigfield & Heyer, LLP. Our bankruptcy attorneys can examine your financial situation and provide valuable legal advice and representation no matter how complex your question.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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