Our real estate lawyers — Sanford J. Melder and Aric K. Melder — offer a proactive approach to help clients avoid foreclosures. We tailor our approach around each clients' unique needs through gaining a clear understanding of their specific circumstances so we can recommend a course of action that will meet their individual goals.
When a client is considering a short sale, we explain the benefits in plain English. They include:
Lenders report short sales differently to credit reporting agencies than foreclosures, and the negative consequence is much less severe than with a foreclosure. In some circumstances, lenders to not report short sales to credit bureaus at all.
When a short sale is reported to the credit bureaus, homeowners typically qualify for a new mortgage after a shorter time than they would with a foreclosure on their credit history.