Let us Help Ease Your Financial Burden
Basics
When you are dealing with the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage you need to call Melder & Melder, P.C. We are able to use our expertise to get many lenders to agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes
A short sale typically is executed to prevent a home from going into foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the homeowner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure.
We can help you negotiate a short sale agreement with your lender, and sell your property. We have the expertise to help you avoid Foreclosure, Bankruptcy or worse.
Don't Hesitate — Act Now to Avoid Negative Consequences
Dealing with mortgage and home equity lenders by yourself can be frustrating and time-consuming. Without an experienced attorney, you may struggle with the financial and legal considerations or simply not have the time to wait to speak with your lender during your busy day. You may be worried about consequences such as Foreclosure, Condemnation or Bankruptcy.
Through the Mortgage Forgiveness Debt Relief Act of 2007 signed by President Bush, amendments have been made to remove such tax liability usually associated with a short sale, and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties.
Deed in Lieu of Foreclosure
Another option for homeowners to escape an overly burdensome mortgage is a Deed in Lieu of Foreclosure. If a homeowner can't make the mortgage payments and can't find a buyer for the house, we have been successful in getting lenders to accept transfer of ownership of the property back to the lender in place of the money owed on the mortgage. This gets you out from the legal obligation to pay the mortgage and is better for your credit rating.
Whether your home is in Oakland, Macomb, Wayne, Genesee, St. Clair, Livingston or Washtenaw if you are considering a short sale or an alternative way of getting rid of your property, such as a deed in lieu of foreclosure or restructuring your loan, contact us to get the real estate lawyers and our network of professionals at Melder & Melder, P.C., on your side and working for you.
