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Short Sale – The Best Way to Avoid Foreclosure

Short Sale Attorney

Falling behind in your mortgage payments can land you in a troublesome situation. If you find yourself in such a situation, you can either wait for your lender to initiate foreclosure proceedings or opt for a short sale. Most lawyers suggest that although short sales are tricky to pull off, they are a far better option for the borrower than foreclosure. The embarrassment and negative impact on your credit score that comes along with foreclosure makes a short sale a more viable option. But a short sale can only be possible if the mortgager agrees to it.

Without the consent and permission of the lender, you simply cannot opt for a short sale and will be forced to go into foreclosure. Therefore, it is imperative that you convince your lender to agree to a short sale. Getting the assistance of a short sale lawyer can help you present your case to the lender in a more compelling and convincing manner.

How can a short sale lawyer help you?

Empowered by their experience, an attorney can build a case in favor of a short sale as opposed to foreclosure. By demonstrating to the lender that they can potentially benefit from opting for a short sale your lawyer can help you avoid a foreclosure.

One of the advantages for the lender in a short sale is the shorter recovery time which means they can recover their money sooner. As borrowers stop making mortgage payments as soon as a property goes into foreclosure, the lender will have to wait several months before they can recover their money. Whereas, the short sale allows both sides to settle their affairs in a short time frame.

Your short sale lawyer can also make the lender realize that you have legal representation and would devise a foreclosure defense if the lender decides to refuse the short sale. In most cases, lenders do not wish to waste their time in the litigious process as they are time consuming processes. Although, every case varies from one another, and only a short sale lawyer can advise you accordingly after carefully studying your situation and relationship with your lender.

If you wish to know more about this subject and speak with an experienced foreclosure defense lawyer, contact the offices of Covert & Covert LLP at (630) 717-2783 and schedule a free consultation session.

By Brian Covert | Posted | Posted in Short Sale Attorney

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