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The Mysterious Short Sale

What is a Short Sale? In a nutshell, the bank allows the house to be sold for less than what is owed on the mortgage. Some banks will “forgive” the difference between the sale price and what is owed and others will retain their right to a deficiency judgment for the difference.

All banks and lenders have different requirements in order to consider the short sale of a home. Some do not even require you be behind on your payments. Most require you to submit an array of documentation, including hardship letters, bank statements, proof of assets and income, and a contract from a buyer. When you are working with Snyder Law Group on your short sale, you must also sign an authorization which will permit your bank to speak with our firm about your mortgage account and current situation.

An experienced attorney can be your greatest asset in qualifying for a short sale. At Snyder Law Group, we handle the structuring, negotiation, and closing of short sale transactions. The advantage of having our law firm on your side is that we know the short sale process inside and out. Our firm has worked with lenders such as Ocwen, American Home Mortgage Service Industry (AHMSI), LCS Financial, Regions Bank, GMAC, CitiMortgage, Suntrust, BB&T, RBC, PNC, Chase Home Mortgage, Wells Fargo, Bank of America (Countrywide), Specialized Loan Servicing (SLS), Midland Mortgage Company, EMC Mortgage, Bank United, LTD Financial, IBM Lender Business Solutions, and IndyMac/OneWest Bank on behalf of clients that want to get a short sale approved. We also have clients with more than one mortgage and work with each of their lenders during the short sale approval process. Whether you already have an interested buyer, hired a realtor, signed a sales contract, or even started the short sale process with your lender and are now overwhelmed and need help, give us a call at 941-747-3456. Snyder Law Group or E-Mail Us and we would be glad to enter into the process at any stage of your negotiations in order to represent your interests during your short sale process.

 


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