Areas of Practice
Detroit Short Sale Lawyers
Guiding Southeast Michigan Clients Through Real Estate Short Sales
When your house is worth less than what you owe on the mortgage, consider a real estate short sale. In a short sale, the lender can avoid a lengthy and costly foreclosure process, and you are allowed to sell the real estate and resolve the debt for less than what you owe.
Since 1974, Melder & Melder, P.C. has been guiding clients through a broad range of real estate transactions. We use our extensive experience to negotiate with lenders for real estate short sales when homeowners cannot make their mortgage payments.
What Is a Short Sale?
Real estate short sales are intended to prevent a home from going into foreclosure. Often, a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing. Short sales are typically faster and less expensive for banks than foreclosures. For the homeowner, the advantages include avoidance of a foreclosure on their credit history — and avoidance of a possible lawsuit regarding the amount still owed to the bank.
Our attorneys can help you negotiate a short sale agreement with your lender so you can sell your property and put your debt behind you. Doing so may allow you to avoid foreclosure, bankruptcy, or a lawsuit from the bank.
Deeds in Lieu of Foreclosure
Another option for homeowners to escape an overly burdensome mortgage is a deed in lieu of foreclosure. If you are a homeowner who can't make your mortgage payments and are struggling to find a buyer, we may be able to negotiate a "deed in lieu" transaction with your lender.
Essentially, you voluntarily surrender ownership of your home without the bank having to go through the expensive foreclosure process. In return, the bank may forgive any balance on your mortgage. This means you have no further legal obligation to pay the mortgage, and it is better for your credit rating than a foreclosure.
Whether your home is in Oakland, Macomb, Wayne, Genesee, St. Clair, Livingston or Washtenaw or anywhere in Southeastern Michigan if you are considering a short sale, a deed in lieu of foreclosure or restructuring your loan, one of our lawyers can help you with sound advice and representation as you negotiate with your bank.
We are at the forefront of meeting clients' complicated real estate needs, and we are ready to help you. Call our Royal Oak law office or contact us online to schedule a free initial phone consultation.