In spite of the fact that the housing market appears to be making a slow recovery, many homeowners are still grappling with how to handle the financially crippling debt of their mortgages. If you find yourself unable to meet your monthly mortgage payments and, after investigation, you come to realize that your home is now worth significantly less than your mortgage, you may want to consult with Tucson real estate attorneys about the possibility of a arranging for a short sale of your property.
In a short sale, you agree to sell your home for less than the amount you owe on your mortgage. Engaging in a short sale can be an effective way of avoiding foreclosure. Foreclosure by your lender can destroy your credit and make it financially difficult for you in the future. Certainly, a short sale is not something to be taken lightly.
However, with the right approach and guidance, many homeowners have been able to be relieved of their mortgages. While your short sale is in process, you may be able to avoid making any mortgage payments, which can provide needed relief from the pressure of making payments you can no longer afford. In a short sale, a home is often sold in an as is condition. This allows you to avoid making costly repairs prior to listing the property.
For bank foreclosure issues, and for real estate matters that affect you whether you are a developer, purchaser or lessee, an attorney at Heurlin Sherlock is ready provide you with the proper counseling you need to meet your goals.