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RealEstate

Short Sales

For homeowners who ended up in the situation when their property is worth less than they owe to the banks and lienholders, we offer an individual legal “short sale” approach.  A short sale allows the real property to be sold even if the lenders are not getting full payoff on the existing loans.  With our experience in foreclosure representation and various levels of dealing with creditors, we are proud to state that we successfully close about 98% of our short sales files and always negotiate with our clients’ best interests in mind, whether those interests are debt forgiveness, amount of relocation assistance, ability to stay longer in the house, negotiating with lien holders that may vary from IRS liens to significant unpaid homeowner’s association debts.  We are faced with complex negotiations matters daily and will put our best effort forward to produce the result clients are looking for.  All short sales related work is conducted in-house, our process is streamlined and made easy for the clients and real estate agents, our updates are regular and detailed and our closings are flexible.  We understand all the details of financial considerations, bankruptcies or pending litigations, work out title defects and survey matters, work closely with buyer’s attorneys and agents to make sure the transaction will culminate in closing.

If you have ever thought of short sale, let us negotiate your Short Sale and work with your bank to allow transfer of title to bona fide third party buyers for the shorter negotiated payoff. Some of the benefits of a short sale include the following:

SHORT SALE COSTS YOU NOTHING:

All fees, including real estate commission, are paid by your lenders.

SHORT SALE OFFERS A “FRESH START”:

In most cases, sellers are released from the personal liability of a mortgage.

SHORT SALE CAN BE A NON-TAXABLE EVENT:

While not applicable in every situation, The Mortgage Forgiveness Debt Relief Act of 2007 provides for relief from having to pay taxes on canceled mortgage debt by exempting the forgiven debt from being counted as income for the homeowners that conducted short sale.

SHORT SALE HOMEOWNERS MAY QUALIFY FOR RELOCATION ASSISTANCE:

In most cases of selling primary residence, you may be able to obtain relocation assistance issued at closing table from $2,500 up to $10,000, and sometimes substantially higher depending on the loans and investors holding the notes.

ADDITIONAL DEBT MAY BE ERASED IN MOST CASES:

In most cases, as part of the short sale negotiation, we are able to obtain release for other debts affecting the title, i.e. prior credit cards or other judgments, mechanics and government liens, municipal violations fees, unpaid assessments and unpaid property taxes, to name a few.

CREDIT SUFFERS LESS DAMAGING EFFECT:

Short sale minimizes damaging effect on the credit score and allows credit to restore much faster when compared to a foreclosure proceeding record on the credit report.  Successful short sale shall result in dismissal of underlying foreclosure case, even if judgment has already been entered.

ELIGIBILITY TO BUY PROPERTY SOONER:

The most common loan programs typically stipulate that persons that concluded short sale of their property may buy another home under their programs in about 3 years.

Whether you are still paying your mortgage and consider a short sale option or you are in the final stages of post-judgment foreclosure, we still may help with the short sale by filing emergency motion to stay judicial sale if you have a valid short sale contract.  Note that the short sale may be completed while foreclosure case has been filed and case is pending in court.  Please call Tenenbaum Law Group at 847-724-0300 to discuss your unique situation, we will answer all of your short sale questions.

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