Attorneys Residential Property Sellers Who Want to Avoid Foreclosure in New Haven County
When a homeowner is underwater on their house (meaning they owe more money on the home than it is currently worth) and they are too far behind on their mortgage to catch up, a short sale is one way to avoid home foreclosure. A short sale is when a homeowner sells a residence for less than what they owe on their mortgage, which must be approved by the mortgage lender. Lenders often prefer short sales to foreclosure as it lets them recover most of what they are owed without accruing legal fees that accompany the foreclosure process. It is also beneficial to the homeowner, as while a foreclosure typically carries a seven-year penalty period during which they cannot secure a new mortgage loan, a short sale may only carry a two-year wait.
To decide whether a short sale is right for your particular situation, it is essential you speak with an experienced real estate attorney with extensive knowledge of short sales. At the Law Offices of Peter V. Lathouris, LLC, we understand everything that goes into this complicated process, and we will help protect your rights and financial future. You can trust our three-decade history of serving local clients in residential home sales and home purchases, including investment properties.
How a Short Sale Attorney Can Help
Prior to meeting with your lawyer, collect all your financial records so your attorney can fully assess your assets and debts to see if you are eligible for a short sale. If your attorney believes you qualify, they can contact your mortgage lender to make a formal request and provide a complete explanation of why it would be beneficial for all parties. If your financial situation resulted from a loss of employment, expensive medical bills, divorce, or other circumstances beyond your control, your lawyer can convey your hardship in a compelling manner and provide the documentation necessary to receive short sale approval.