Foreclosure is a term that’s plagued with financial and social stigma and it brings to mind [..]
Short Sales Lawyers in Camden County, NJ
Speak with Knowledgeable Debt Relief Lawyers in South Jersey Regarding Your Short Sale
A short sale occurs when a lender or mortgage company agrees to accept less money than the outstanding mortgage to satisfy a debt. Short sales can be beneficial for both parties in a mortgage, since it is typically in the interest of the property owner and the lender to avoid foreclosure. Where a short sale is not an option, we can also help you consider the possibility of a loan modification.
At the law firm of Brenner Spiller & Archer, LLP, our New Jersey short sale lawyers represent clients who may benefit from selling their homes in short sales, instead of going through the foreclosure process. Short sales are generally more complicated and time consuming than the average real estate sale. If you are considering a short sale or another option for saving your home from foreclosure in Central Jersey or South Jersey, it is in your best interest to hire an experienced bankruptcy lawyer to guide you through the process.
Benefits for Lenders in Short Sales
Since a lender will receive less money than the outstanding loan amount in a short sale, many prospective clients ask us why lenders would agree to short sales. The answer is that lenders will usually lose more money in the foreclosure process than they would lose in a short sale. Lenders do not like managing and owning foreclosed property, which can be costly. Short sales usually save lenders and property owners time and money.
In order to complete a short sale, the property owner must take the following steps:
- Contact an attorney to gather and draft documents to submit to the mortgage company.
- Contact a realtor to find a buyer for the property at the current market price.
- The realtor must find a bona fide purchaser for the property at the current market price.
- Submit the short sale offer and purchase agreement to the lender.
At Brenner Spiller & Archer, LLP, our attorneys work with property owners in the negotiation of contracts and throughout the process of short sales to ensure that the process is as smooth as possible.
Contact Our South Jersey Mortgage Short Sale Lawyers
We are committed to helping people struggling with debt avoid foreclosure in Central and South Jersey. Contact our New Jersey short sale attorneys online or call 856-963-5000 to schedule a free initial consultation to discuss your situation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.