HAGHI LAW LLC
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ABOUT SHORT SALES
A Short Sale is a type of sale where the bank agrees to take less than what is owed on the mortgage to satisfy the debt owed and settle the loan. It is an excellent way to resolve a foreclosure particularly where the home is severely under water or where the homeowner does not wish to keep the home.
For example, if you owe $400,000 on your home but can realistically sell it for only $285,000, we can apply for a short sale to have the lender agree to accept $285,000 to settle your debt. Many more costs can be covered in a short sale than the simple example above. For instance, let's say you owe $400,000 on a 1st mortgage, $50,000 on a 2nd mortgage, and you need to pay a realtor commission of 5% ($15,000) for the sale of the home. In such a case we would get the lender to approve a short sale in the amount of $285,000, with a portion going to satisfy the 2nd mortgage and with a portion to cover your costs such as the realtor's commission, legal fees associated with the sale, and possibly even relocation expenses.
In summary, a short sale is a great way to resolve a mortgage where there is more owed on the house that it is worth.
We are highly experienced with complex short sales and have been able to secure short sales in even the most dire of circumstances. As short sales are quite different and much more involved than a regular sale, you should select an attorney who is particularly experienced in short sales to maximize the chances of a successful sale.
Please contact us if you are interested in a short sale.