SHORT SALE OF REAL ESTATE
If a homeowner is unable to maintain their loan payments and
must sell their home in order to avoid defaulting on the loan and facing
foreclosure, it is possible that a lender may be able to accommodate
them with by permitting them to sell the property for less than the amount of the
outstanding loan balance.
In order
for the bank to be willing to allow a homeowner to
sell a property for less than the amount of the outstanding loan, the homeowner
must prove to the bank a variety of factors, including a showing that:
-
the property has been listed for sale for adequate period of time;
- the fair market value of the property is less than the amount due on the loan: and
- the homeowner does not have the financial means to make up the shortfall.
Hays Firm LLC is experienced in (1)
presenting the facts of an individual homeowners’ situations,through
verifiable documentation, and (2) negotiating with various lenders in
order to persuade them to permit the homeowner to sell real estate for less than
the amount that the homeowner owes on the property.
If you wish to learn more about how you can negotiate with
the bank to permit you to short sell your property, please contact the Hays Firm LLC at (312) 499-9605 or via e-mail.
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