Why would a consumer/borrower want to do a Short Sale?
Short Sales are a benefit to consumers because they stop mortgage foreclosure and prevent the lender from suing for deficiency. Deficiency is the difference between what the lender would have received under the contract and what the property finally sells for. This shortfall can often be more than $100,000. By entering into a voluntary agreement with the lender, you ultimately stop foreclosure and your credit report does not merit a FORECLOSURE entry. This puts you in a much better position to qualify to buy another property in the future. Through our negotiation process, the lender agrees to forego suing you for any monies which they write off associated with the Short Sale transaction. A Short Sale transaction also provides peace of mind and predictability because you know exactly when the sale will close, and thus when you will need to vacate the property. There’s no risk that sheriff’s deputies will come to your door one morning to evict you. Why would I hire a real estate attorney
