Short Sale Negotiations to Protect Your Interests

 

If you are facing foreclosure, do not qualify for a modification, or are seeking to liquidate your underwater home, you may be able to sell your home for less than the amount you owe on your mortgage.  Usually referred to as a "short sale," this option is generally the best option for a homeowner who is ineligible for a loan modifciation.  We can protect your interests throughout the process, whether you are current on your mortgage, pre-foreclosure, or in the mediation process. 

 

Before you decide on a short sale, it is very important that you understand your rights and liabilities.  Because the home is being sold for less than the amount owed on the mortgage, you may be responisble for the unpaid balance, known as the "deficiency."  An experienced and knowledgable attorney can negotiate with your lender to have your deficiency waived.  If your deficiency is waived, there may also be tax consequences, but certain federal laws have certain exemptions depending on the type of loan you have.

 

Mediation

Mediation is an extremely useful tool during the short sale process to ensure you have the time you need you market your home.  Further, it brings the lender to the table to discuss the possibility of waiving any deficiency balance against you.  An attorney well-versed in the Maryland foreclosure process will ensure that your interests are protected at mediation and that you obtain the maximum benefit from your short sale.

 

LET US BE YOUR MARYLAND SHORT SALE ATTORNEY

Shikha Parikh, Managing Attorney of Paradigm Law, P.L.C., has extensive experience in foreclosure prevention.  She thoroughly understands the foreclosure process and has protected the interests of  numerous homeowners before and during mediation to obtain the resolution they need.  Our short sale legal services are rendered for a nominal retainer fee.  Call us at 703-651-6811 today for a free consultation regarding your matter.