New Jersey Short Sale Lawyers
Diligent Representation for Short Sales
Like the rest of the country, New Jersey real estate has been affected by the downturn in home prices. Every day, homeowners throughout New Jersey are faced with the harsh reality that they owe more on their homes than what they could sell them for. If you are “upside down” on your home, but need to sell it, you could make an arrangement with the lender to sell the house for less than what is owed. This type of arrangement is called a short sale, because the lender and other creditors who have liens on the property agree to accept the sale price of your home in satisfaction of your mortgage debt, even though the sale price doesn’t satisfy your outstanding mortgage balance.
There are many different arrangements that can be made with lenders, but the type of arrangement will depend on the bank that holds the loan. Short sales can be cumbersome to negotiate, because much time will be spent going back and forth between the lender, as well as other creditors who may have a lien on the property, and the purchaser with different offers and settlement amounts. This is because the lender and other creditors who may have a lien on the property want to collect as much money as possible from the homeowner. Here at Kim Gill Law office , we understand this process. Our attorneys will fight hard on your behalf to get you the best results possible. A short sale can be a great option for people who would otherwise have no choice but to take a significant loss when selling their home.
If you are interested in a short sale, contact an attorney at Kim Gill Law office today!