Massachusetts Real Estate Short Sale Lawyers
Intelligent Counsel for Loss Mitigation/Payoff Negotiation
If you now owe more on your home mortgage than your house is worth, you are not alone. In the last two years, tens of thousands of people in Massachusetts and around the country have found themselves in this position. We know you may be facing foreclosure because of inability to make the payments. Perhaps you'd like to sell, but the amount the buyer is willing to pay falls short of the amount needed to pay off your loan.
In cases like this, a short sale − in which the lender agrees to accept a payoff that is less than the full amount of the loan − may be the most viable option. At Roche & Roche, in Franklin, Massachusetts, we are very experienced in negotiating and arranging these transactions on behalf of property owners and real estate agents. To learn more about how we can help you complete a successful short sale, call us at (508) 528-8300.
Short Sales and Loss Mitigation
A short sale is not the only form of loss mitigation for lenders. There are others, including loan modification and deed in lieu of foreclosure. But a short sale often makes sense for both the lender and the homeowner. It can enable the homeowner to avoid a default on the mortgage loan and sell the house. For the lender, it avoids the administrative costs of carrying a property in foreclosure and achieves at least partial repayment of the original loan.
The reasons why so many short sales have become so prevalent are well known. The housing downturn, combined with the overall bad economy, has left millions of people unable to make their mortgage payment. Job loss, medical bills, and unsustainable mortgage terms have all contributed to this.
Fortunately, there is a way forward. The experienced real estate attorneys at Roche & Roche know how to negotiate short sale payoffs. Our goal is always to secure a payoff that will enable our client to dispose of the property, and we strive to get the bank or other lender to waive the deficiency between the face amount of the mortgage and what the house is now worth.
For a free consultation with one of our attorneys about a real estate short sale, call (508) 528-8300 or contact us online.