We make your short sales easy
Short sales can be a long process with many frustrations coordinating all the parties. Each party can derail the process. A successful short sale take an expert negotiator, well organized team, and persistence. It is what the J. Gannon Helstowski Law Firm excels at.
A short sale happens when you need to sell your home and your can not sell it for what is owed to the mortgage lender(s). The lender does not like to take a loss so they are not eager agree to a short sale. If they are convinced a short sale is the best scenario for them to recoup the most amount of money, they may agree to sign off on the short sale. But your primary lender is not your only entity that must convinced to sign off your short sale. If you have a second lender, owe a judgment creditor, owe the IRS, owe the Home Owners Association they will have to sign off too. You can coordinate all these entities or you can Hire a Short Sale Processor.
Why Hire Our Law Firm for Short Sale
No. In fact, your Lender expects to see that you are struggling under the current terms.
Please keep an open line of communication with us! You can discontinue the process at any time.
Filing for Bankruptcy (BK), will typically require you to add to your monthly expenses the debts you probably are not currently paying, therefore increasing your monthly cost of living. There are many alternatives to BK – please ask us before you consider it!
The settlement terms vary by situation; however the overwhelming majority of our clients pay NOTHING AT ALL at closing.
We charge you, the client, $750 to hire our law firm to process your short sale. Our fee can be paid in installments.
Under current lending guidelines, and assuming you have maintained your overall credit rating, you will be able to qualify and purchase another home in 24 to 36 months after the Short Sale. In the future, when you are pre-qualifying for a new mortgage, underwriters are more interested in how you have paid on accounts that are in the most recent 12 to 24 months, rather than the late payments that happened several years ago. Please pay your rent and your other credit obligations on time!
As indicated above, we will help prepare your file to be approved by a landlord, and refer you to an agent to negotiate the lease on your behalf. As added incentive to your landlord, it is typically suggested you put up twice the amount of deposit in good faith to show your intent for the property. We also suggest you take a lease term in excess of 12 months.
We will refer you to an experienced agent to assist you in finding a rental property, should you desire. You will not pay anything to an agent for this service. We will also prepare your file to be approved by a prospective landlord. Many of our clients stay in the same neighborhood or area and their children do not need to change schools.
- No! Past clients have requested that we pull their credit for purposes of mortgage qualifying and the lender that was paid via Short Sale reported in Closed Accounts as “Paid” or “Paid then less for full balance.”
- Unlike a foreclosure, your lender may give you a written acceptance of payoff for less than you owe. This means they cannot come back to you later for the deficiency.
- The Short Sale itself may not negatively affect your credit. We have had clients who continued to make their mortgage payments on time, and they walked from their sales with their credit scores in the 700s.
- During this process, you may decide to cease making payments, or you have already fallen behind on your payments, both of which cause harm to your credit.
It is highly dictated by the speed at which your Lender moves. We have had Lenders take as long as 12 months and as short as 2 months to procure a sale. Our average is between 6-9 months. We are on their schedule and when they have accepted a contract, it is time to be serious and move!