Navigating A Short Sale In Maryland: What Homeowners In Howard County Need To Know

In this article, you will discover:

• The process and regulations regarding short sale of a home
• Common mistakes to avoid in a short sale
• How an attorney handles resistance from a lender during short sale

What Does The Short Sale Process Entail In Maryland?

In a short sale, you hire a real estate agent or broker to list the property and try to get as high an offer as possible. This process can help you avoid foreclosure if you owe more on your mortgage than your home is worth and need to sell quickly.

A notice of short sale will need to be submitted with your package. The package you submit is the same package you would submit for a loan modification, and once approved by the original mortgage lender, you are released from your mortgage debt.

Can I Remain In My Home During The Short Sale?

Yes, You can still live in your home during the short sale and remain there until your home is sold.

Attorney Alon Nager is an experienced lawyer with offices in Columbia, Annapolis, and Towson, MD. He’s helped many clients like you navigate the intricacies of bankruptcy law. With over 17 years of experience, he is prepared to provide you with appropriate bankruptcy solutions so that you can get back to business.

Still have questions? Ready to get started? Contact Nager Law Group today to schedule an initial consultation.

What Common Mistakes Should I Avoid In A Short Sale?

Real estate agents list the property for as much as possible. When you’re in a short sale process, you’re typically not paying the mortgage payments, so you’re racing against the clock.

The lenders aren’t going to wait for you to short sell your home. Often, they’ll file for foreclosure and try to let it go to auction. The house should be priced to sell, maybe even a little bit lower, to get a contract so that you can submit your application and be under consideration.

In a worst-case scenario, the lender returns after an appraisal and says they want more money. You can return to the potential buyer and see if they’ll pay that amount. If they won’t, then you can find a new potential buyer, knowing what the bank is looking for in terms of the price.

A lot of time is wasted when people list their homes for too much and just let the property sit on the market. You can’t really submit your loss mitigation package without the contract for a short sale, so asking for a price that is too high often wastes both time and energy.

Also, be aware that you will not be paid anything from the sale proceeds in a short sale. Many people fix or upgrade things in the property, which is usually unnecessary. Unless repairs are essential to sell the property, spending money on them is not advisable because you won’t get anything out of it. Simply do what you need to get the property sold and nothing more.

How Do You Handle Cases Where Clients Face Resistance From Their Lender During The Short Sale Process?

There are reasons why a short sale can be better for you than going to foreclosure. If we get resistance from your lender, we’ll call the lender’s attorney (or the lender directly) to discuss postponing the foreclosure. Alternatively, we can file bankruptcy to stop the foreclosure and give us more time for you to short-sell the property.

Still Have Questions? Ready To Get Started?

For more information on Navigating A Short Sale In Maryland, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (443) 492-9003 today.