Foreclosure Defense: Short Sale
Are you behind on your mortgage payments? When a homeowner gets in financial trouble, it can result in the loss of their home through foreclosure. If you are struggling to stay current on your financial obligations and are facing the possibility of foreclosure, speak with a Mesa attorney regarding your legal options.
There are various ways to prevent a foreclosure, including:
- Deed in lieu
- Loan modification
- Strategic default
- Filing for bankruptcy
- Short sale
In a short sale, your lender sells your home for less than it is worth. The proceeds from the sale are used to pay off as much of the mortgage as possible. Any money still owed on the mortgage after the property is sold is called a deficiency. A deficiency is not automatically forgiven unless agreed to by the lender before the sale. You may also need to prove that you are unable to pay the deficiency due to your financial circumstances.
Short Sale Attorney in Mesa
A short sale is an alternative to foreclosure that has both advantages and disadvantages. It can help you avoid foreclosure, but can also leave you owing money to the lender if there is a deficiency. Depending on the circumstances, there can also be tax obligations for a deficiency.
Dodge & Vega, PLC is an accomplished bankruptcy law firm that provides homeowners with dedicated foreclosure defense. After reviewing your financial situation and mortgage agreement, we will recommend a strategy to fight foreclosure and the loss of your home. Our firm can be depended on for its integrity and honest appraisal of your alternatives. We can help you effectively address your mortgage problems and regain your financial solvency.