What Is A Short Sale?

The current economic environment has depressed home values throughout many areas, including Pennsylvania and New Jersey. One may think that Foreclosure is the only solution. It is not. Foreclosure is not the only way to solve the problem.

A borrower’s options include:

  • Short Sale
  • Reinstatement
  • Bankruptcy
  • Forbearance Agreement
  • Repayment Plan
  • Sell the house
  • Rent the house
  • Refinance
  • Mortgage Modification
  • Deed-in Lieu of Foreclosure

What is a Short Sale?

A short sale of your home or other property is used as an alternative to foreclosure. Although it does not allow you to keep your home in the long term, a timely and properly negotiated short sale can save you and your lender time, stress and money. You need to relieve yourself of a debt burden, and your lender would like to avoid the foreclosure process as much as you would. Lenders have more opportunity for recouping their capital from the proceeds of a short sale than from a foreclosure. A properly negotiated Short Sale will relieve you from a Deficiency Judgment and may help manage the impact on your credit scores.

When you work with the Law Office of Leo T. White, LLC, you get an experienced and established attorney who helps you through the process and negotiates terms with your lender. You gain greater assurance and assistance through a complicated process. Attorney Leo T. White helps clients throughout southeast Pennsylvania and South Jersey complete the requirements in the short sale process accurately and completely.

Leo can take a holistic approach toward protecting your finances and other assets even if the foreclosure process has begun already.

The Law Office of Leo T. White, LLC, has offices in Philadelphia, Phoenixville and Doylestown that are geared to provide personalized and localized client service. E-mail or call Leo today at 800-607-5339 to schedule a free initial consultation.

Leo can help you satisfy the lien on your property. When a lender agrees to a short sale, it issues a payoff letter that lists the requirements for releasing the lien. Leo helps his clients navigate the steps involved, guiding them to informed decisions throughout the process.

He ensures all necessary documents for the short sale are drafted and reviewed with close attention to detail, and he accounts for the accuracy of all fees and settlements. Leo takes care of all the legal aspects of your situation, including:

  • Staying foreclosure on your property
  • Communicating with your lender’s lawyers to obtain all necessary documents for review
  • Drafting a short sale contract
  • Working with a Realtor to find a buyer at the current market price
  • Ensuring proper closing of the sale
  • Verifying the sale is properly recorded in the courthouse and ensuring the lien has been removed from the property

Leo T. White coordinates short sale transactions from contract to closing while working diligently to protect the rights and finances of his clients.

A well-executed short sale process also protects property value to ensure that the lender is not left with a large deficiency. Leo works to make certain his clients avoid deficiency judgments, which can still be pursued by lenders within six months of a foreclosure or short sale.