Real estate can be a great investment in the future. However, the value of the property can sometimes decline because of a decline in demand, political factors, and the economy. When this happens, homeowners may realize that their current debt obligation regarding the property exceeds the value of the property. In these situations, it may make sense to a financially distressed owner who wants to get out from under a crushing debt that no longer has the full value of collateral to offset it.
If you find yourself in this situation, our compassionate team at The Law Offices of Lee R. Lederman can consult with you and determine if a short sale may be the best option for you. A short sale happens when real estate is sold for less than the amount due on the mortgage.
The short sale process can often be complex. Our lawyers can help in the following ways:
- Negotiating with the bank to accept a short sale
- Negotiating with the bank to forgive the unpaid differences if there are extenuating circumstances
- Minimizing the impact of the transaction on your credit
- Working on issues that arise during the short sale process, such as requests for repairs or credits requested by buyers
- Preparing and reviewing documents related to the transaction
Our team is dedicated to helping you get the fresh start you need after finding yourself in need of a short sale. We will advocate for you during each stage of the process. Contact The Law Offices of Lee R. Lederman at (732) 424-9388 to get started.