A Maryland Short Sale Lawyer Here To Help
A short sale can be useful if you owe more on your property than what you can sell it for, and if your goal is to dispose of the property. However, it can be very difficult to get to closing, and there are significant risks for each party involved in a short sale.
At Nager Law Group, we can help you maneuver through the process and negotiate with your creditors so that you can sell the property with as little exposure as possible. We can also help you avoid a short sale lawsuit and any potential tax consequences from the cancellation of your debt. Although there are risks, working with a qualified short sale attorney can help bring you the resolution you need.
What Is A Short Sale?
In a short sale, the property that is being sold is purchased for less than the amount that is owed on it. Short sales often occur when the seller is facing financial difficulties and is not able to pay their mortgage. Usually, the home or property has lost value and the seller has negative equity.
A short sale must be agreed upon by everyone involved, including the bank or mortgage company. Without the agreement of the lender, the short sale may not go through, or could leave the seller worse off than before.
What Are The Benefits And Drawbacks Of A Short Sale?
While a short sale has some definite disadvantages, it is still more advantageous for the buyer, seller, and lender than the alternative option of pursuing a foreclosure. Here are some of the impacts of a short sale for each party:
- The Buyer can purchase a property at a lower price, but the property may have problems that need fixing.
- The Seller will likely walk away with damaged credit, but it will be significantly less than if they went through foreclosure, and most importantly, they can be released from the mortgage debt.
- The Lender will lose money, but it won’t be as big of a loss as with foreclosure.
At Nager Law Group, we understand the complexities of short sale process laws, as well as the pros and cons of a short sale. Whether you are considering selling your home or purchasing a property, our short sale law firm can help you determine whether a short sale is the right decision for you.
Avoiding The Risks Of A Short Sale: Why You Need A Short Sale Attorney
One of the biggest risks of a short sale for sellers is the possibility of the lender seeking a deficiency judgment against you after the sale. A deficiency judgment means that the lender will sue you for the amount that you still owe on your mortgage loan, and you could still be responsible for paying it back – even after your property has been sold.
This is why it is imperative to get full agreement from the lender, and why it is equally important to have an experienced short sale lawyer on your side. In addition to avoiding a deficiency judgment, we can help you with:
- Negotiating with your lender
- Ensuring you arrive at closing and your sale goes through
- Drafting agreements that meet your goals
- Providing legal guidance from start to finish
- Making sure the sale is compliant with all short sale process laws
- And more…
The experienced short sale attorneys at Nager Law Group can help protect your rights and financial future during a short sale. Aside from mitigating the risks associated with short sales, such as a short sale lawsuit, partnering with us gives you the assurance that you will benefit from your short sale so you can move forward financially.
Get The Answers You Need From Nager Law Group
Dealing with financial difficulties and debating what to do about property places an enormous amount of stress on individuals and families. If you are in this situation, it’s essential to reach out to a short sale law firm and obtain legal assistance from a knowledgeable short sale lawyer.
If you have questions relating to short sales in Maryland or you need a short sale attorney, we can help. Our firm focuses on guiding our clients through their legal challenges and finding solutions to their financial hardships, including selling or purchasing properties through a short sale.
To better serve you, Nager Law Group has offices conveniently located in Columbia, MD, and Annapolis, MD, as well as Towson, MD. Contact us today at (443) 492-9003 to schedule your evaluation with a short sale lawyer and resolve your financial and real estate issues for good!
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