Detroit Short Sale Lawyers
Guiding Southeast Michigan Clients Through Real Estate Short Sales

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.

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.