
Creating the right team is key to closing these short sales. Fornaro Law has relationships with realtors, bankers, title companies, negotiators, accountants, and investors who are all available to you to assist you with your short sales and answers to your questions.
How does a short sale work?
A short sale occurs when a property is sold for less than the seller (borrower) owes on his or her outstanding mortgage. This is also referred to as a short payoff.
The difference between the mortgage debt and the selling price of the property is called, the deficiency.
The borrower in this instance is still liable for the deficiency unless negotiated otherwise.
How is this liability handled?
A lender may do one of the following:
- Forgive the deficiency
- Settle for a reduced, one-time lump sum payment
- Require a new agreement for the deficiency to be paid over a period of time
Is an attorney necessary in a short sale situation? Yes.
The seller/borrower is required to defend any foreclosure action.
Whether you are pursuing a loan modification, Deed in Lieu of Foreclosure, consent foreclosure, or a short sale, you do not want a foreclosure judgement entered against you.
How we can help
There are two very important areas in which Fornaro Law can help:
1. We can ensure that you do not walk away from your home.
- We can determine if you qualify for a short sale.
- If in fact you qualify for a short sale, we can help determine if bankruptcy is even necessary.
- We will defend your foreclosure action
- We can facilitate your short-sale
2. It is not enough to have a team or teams to handle both litigation and loss mitigation. It is critical to have the right team.
When we say, the right team, we are referring to strong communication.
- Our attorneys have strong relationships with many lenders in the western suburbs of Chicago. These relationships allow us to reduce the short-sale deficiency for our clients.
- You will not need to hire both a litigation attorney and a loss mitigation attorney. We have them both in-house. Providing both these services allows us a level of communication unavailable to other firms.
Six Reasons to Call Fornaro Law for a Short Sale
- We can answer your questions during a free consultation.
- We can provide you with options.
- We can clear up the wrong information you received from non-lawyers.
- We can explain why walking away from your home is the worst decision you can make.
- We can explain that bankruptcy is usually unnecessary if you qualify for short sale.
- You will feel better after you talk to us.