Short Sale Lawyer in the San Fernando Valley

Should you do a short sale?

A short sale is an option to foreclosure.  It is when the homeowners sells his property at a loss, for less than the total amount due on the home.  Basically, the lender is discounting the balance of the loan because of financial difficulties on the part of the buyer.  It is a way for the homeowner to prevent foreclosure and gives him needed time to put his affairs in order and be afforded legal protection.  The homeowner knows exactly when the transaction will occur, and does not have to fear being evicted from the home without notice.

 In addition to stopping the foreclosure, short sales prevent the lender from suing for deficiency (the difference between what the lender would have gotten upon the fulfillment of the original agreement, and what the home ended up selling for) on the loan if the procedure is handled correctly.  This amount is often substantial.  Also your credit report will not show any information about a foreclosure, since the short sale has prevented this action, which is helpful to rebuilding your credit sooner if you want to own another home at some point in the future.

Why hire an attorney for the short sale?

Short sales are complex and time consuming.  A real estate agent is not qualified to manage all of the issues nor has the legal knowledge that is necessary for the short sale to succeed.  A San Fernando Valley bankruptcy attorney from the Law Offices of John Ribarich has the negotiating skills and the legal knowledge that it takes to close the short sale of your home.  We know how to move the process along and have the short sale close in a timely manner. 

We understand that the short sale being successful is contingent on you providing the proper financial information that the lender needs to see.  We will help prepare the comprehensive package of documentation that clearly outlines your current financial situation and shows how and why you are no longer able to make your mortgage payments.  We will do what is needed from the legal perspective to help you sell your home, rather than being foreclosed on, so that you can move forward with the matter resolved.

Contact a San Fernando Valley Bankruptcy Lawyer to discuss the short sale of your home.