Milwaukee Short Sale Attorney
Learn How A Short Sale Could Help You Avoid Foreclosure
Are you having trouble paying your mortgage? Has the bank been calling you over and over trying to collect their money while you just don't have it? Are you staying up late, worrying a foreclosure is on the horizon?
A short sale may help you get rid of your home. Sapinski Law Office, S.C. can provide you advice regarding the short sale process, and will help you determine whether this transaction is right for you. I have made it my goal to help those who are having financial problems, including difficulties with their mortgage loans. During my 15 years of practice, I have assisted thousands of clients with their finances, and I can help you, too.
What are the pros and cons of a short sale?
In these tough economic times, many people are having a hard time making ends meet. A mortgage causes a steep monthly expense that can become impossible to pay. Due to the downturn in the economy, your income may have decreased and you may be finding your mortgage payments have become unaffordable. Perhaps, you purchased your home during the peak of the real estate market, it has now decreased in value and you are left owing your mortgage company way more than what the property is worth. Perhaps you got stuck with a high interest rate.
If you are finding you cannot sell your home to anyone because it is so underwater, a short sale may allow you to sell your property for less than the amount of your mortgage. There are risks, if the short sale is not arranged correctly. You must make sure you are protected from owing the "shortfall" - the difference between the short sale price and your mortgage - that can arise with these transactions. You also must be very careful about the income tax consequences that can arise from these transactions. We can advise you of any pitfalls that might arise with a short sale. Many who meet with me discover they are better off by just allowing their real estate to go through the foreclosure process.
Contact an Experienced Milwaukee Foreclosure Defense Lawyer
A short sale involves a special agreement that is made with the lender to take less than the amount that is owed on the mortgage. Like foreclosure, it may have a negative impact on your credit score. It can also have a negative impact on your lender. Short sales are becoming more and more common, and they have been used by homeowners to get out from the crippling debt of an underwater mortgage.
If you are thinking that a short sale may be the best option for you, I can provide you with more information to help you make the best decision for you and your family. Contact me today.