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Short Sale Lawyer

A short sale is a settlement that has been negotiated between a lender and a borrower that frequently occurs when the borrower owes more on their mortgage than the current market value of the property. In a short sale, the lender agrees to accept an amount that is less than what is owed on the loan. This may be a way to avoid foreclosure. The lender agrees to the lesser amount, and writes off the remaining balance, allowing the seller to then walk away free and clear. A short sale lawyer should be consulted before agreeing to a short sale. A short sale lawyer will review the short sale agreement and offer legal advice on how best to proceed. Having a short sale agreement reviewed by a short sale lawyer will help a person avoid any potential complications down the line.

Fast Facts

  • The US federal government passed a short sale forgiveness law called the Mortgage Forgiveness Debt Relief Act in 2007.
  • California requires lenders to respond to short sale applications within 21 days of receipt.

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Results 1-5 of 378 for "short sale lawyer"

  • Short Sale and Foreclosure Compared

    A short sale and foreclosure are two possible outcomes of a borrower defaulting on a mortgage.  A short sale i...
    • Site: foreclosurelawfirms.com
    • 1 of 1 user(s) found this useful

  • How a Short Sale Works

    A short sale occurs when the borrower owes more on their mortgage than the current market value of their prope...
    • Site: foreclosurelawfirms.com
    • 7 of 9 user(s) found this useful

  • Short Sale: Beware of Deficiency Judgment

    A deficiency judgment is a judgment issued by the court against you making you personally liable for the unpai...
    • Site: foreclosurelawfirms.com

  • Short Sale: Hardship Letter Secrets

    Writing a short sale hardship letter to your lender lets your lender know about your financial hardship and sh...
    • Site: foreclosurelawfirms.com

  • What is a Short Sale?

    A short sale in real estate happens when you are selling your home and your mortgage lender agrees to allow th...
    • Site: foreclosurelawfirms.com

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