A real estate “Short Sale,” often referred to as a “Short Pay,” is frequently the preferred option when the homeowner cannot afford even reduced payments or no longer wants to keep the property.  In a Short Sale, a lender is agreeing to accept less than the cost of the property that it originally sold for.

It may sound simple enough but the process involves understanding of the complex loan policies of the servicers and real estate law.  It is often best left to real estate attorneys.  MRLC is familiar with the intricacies of mortgage transactions and can help you determine if a short sale will serve your goals as a borrower.

Not all homeowners will qualify for a short sale. This is why for your protection, obtaining legal advice from the legal experts at MRLC is highly recommended.  Keep in mind that some lenders elect to choose foreclosure as opposed to a short sale to benefit the servicer’s financial interests.  But if you are one of those who qualify for a short sale, it may be very beneficial. 

If successful, the short sale stops the lender from taking your home away and may bar the lender from filing suit for a deficiency judgment.  Additionally, although your credit rating may take a hit, it will not be marred by a foreclosure entry.  This may be crucial in reestablishing your credit. 

An impending foreclosure can be very stressful; a short sale may help you achieve peace of mind.  The experienced attorneys at MRLC are ready to assist you to advise you on your options.  To schedule a free consultation, please call (888) MRLC-NOW.

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