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Should I Hire A Real Estate Lawyer for a Short Sale?
A short sale is an arrangement where the proceeds obtained from selling the house are lesser than the amount owed to the mortgage lender. Short sales usually take place when a homeowner is delinquent on their mortgage payments and wants to avoid foreclosure against them. Sale proceeds, which are usually lower than the amount owed, go to the mortgage company and in return, the lender lifts their notice of deficiency, releasing homebuyer from any obligation. If you find yourself in a difficult financial situation and are looking to initiate a sho...
Do You Need a Lawyer to Construct a Foreclosure Defense?
Foreclosure is a common occurrence in the United States. A report from Attom Data Solutions revealed 362,275 foreclosure filings of U.S. properties in the first half of 2018. In an environment where homebuyers buy a house on mortgage at a much higher rate than its selling value, foreclosure can severely damage their financial position. Moreover, it can also negatively affect their credit ratings. But, what actually is a foreclosure? And do you need a lawyer to construct a defense? Let’s find out. What Is a Foreclosure? Foreclosure is a proces...
Why is Short Sale a better option than foreclosure?
In the United States, 65% of homeowners own a mortgage (debt taken to purchase a real estate property) on their house. When a homeowner is under financial stress and unable to pay the mortgage payment of their house, they are presented with mainly two options: short sale and foreclosure. It is imperative to understand the main differences between both of these processes to make a wise decision. A short sale is a procedure to sell your home when an owner owes a mortgage of a higher amount than the market value of the house. If banks agree to acc...
3 Most Common Issues Faced by People When Purchasing Real Estate Properties
Purchasing a house is not an easy feat and you may come across several issues in the process of finding your perfect home. It is imperative that you take measures to find a suitable house, which is financially viable and meets your requirements. There are several issues a person can face while buying a house. Here are 3 most common issues that people experience when looking to buy a house: Mortgage The most important thing when you are looking to buy a house is mortgage . You have to ensure that whichever house you choose gets approved by the b...
How a Foreclosure Defense Lawyer can help you
If you are running behind your monthly mortgage payments and facing the risk of foreclosure, you will need to make a decision about whether you want to fight foreclosure proceedings or comply with the wishes of your bank or lending institution. Foreclosure would force you to vacate your property and also impact your credit rating negatively. Therefore, it is imperative that you hire a foreclosure defense lawyer to prevent foreclosure either by the modification of your existing loan or extension. How can a foreclosure defense lawyer help you? A ...
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