Short Sale Attorney in Atlanta

One option to avoiding foreclosure is short sale.

What Is a Short Sale?

A short sale is when the home owner sells the house for current market value, even if it is less than what he or she owes to the lender, and then the lender forgives the difference. The only way this can work is if the lender approves the short sale.

This type of transaction is oftentimes used when a homeowner is facing foreclosure, and it's typically initiated by a lender who agrees to accept an amount of money that is less than what they are actually owed. In order for a short sale to be approved, the lender must receive written permission from the borrower and any other lien holders on the property. Once approved, the borrower can then negotiate with potential buyers in order to try and get an offer that will satisfy all parties involved. In some cases, the lender may even pick up part of closing costs or make other concessions to help facilitate the sale. Short sales can be a valuable tool for both homeowners and lenders in certain situations, as it can offer an alternate solution to foreclosure.

It is important to note that short sales often take longer than traditional real estate transactions, as they require additional paperwork and negotiations with multiple parties. Additionally, not all lenders are willing to consider a short sale, so it's important to do your research before entering into an agreement with any potential buyers. Additionally, even if a lender does agree to the terms of a short sale, the borrower is still responsible for any deficiency created by the difference in debt and proceeds.

Schedule your free consultation with Schuyler Elliott & Associates, Inc. today!

The Advantages & Disadvantages of Short Sales

There are both benefits and drawbacks when it comes to short sales. Take a look at the following pro/con list and talk to our foreclosure defense attorneys to explore the best options for your situation.

What Are the Benefits of Short Sales?

Eliminate your mortgage loan.
You won't have foreclosure on your credit record.
Your credit record probably won't suffer as much as if you went through bankruptcy or foreclosure.
Receive relocation assistance in some cases — up to $3,000
May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)

What Are the Disadvantages of Short Sales?

You don't have as much time to stay in your house as a foreclosure.
Short sales are hard to complete before a foreclosure sale.
Short sales can create a tax liability.

What Happens If Multiple Lenders Hold my Mortgage?

Unfortunately, if there are multiple loans on your house, you will have to convince all the lenders to agree on your short sale. This usually won't work because the second or third mortgage holder won't get any money from the short sale, so they don't have any reason to release their liens.

Is a Short Sale a Good Idea?

There are many situations in which short sale can be a good idea for you. Here are some examples:

You aren't filing for bankruptcy.
You can sell your house for a reasonable price and the lenders won't make you pay the difference that you owe after the sale.
You have enough time to sell before the foreclosure. In Georgia, this can be difficult because you are only given 30 days' notice.

Contact Our Atlanta Short Sales Attorney Today

To make sure that short sale is the best option for you, don't hesitate to call our Atlanta foreclosure attorneys. We have been assisting homeowners for more than 25 years and have helped thousands of people. Our legal team is available 24 hours a day, 7 days week to meet with you.

We also offer a free consultation! Contact us today to schedule yours.