Short Sale Lawyer Oklahoma City, OK
The Law Offices of Marty Martin were founded in 2004, and the focus of this law office is to focus on debt repair and personal bankruptcy. Mr. Martin was admitted to the bar in Oklahoma in 2004, the U.S. Court Western District of Oklahoma in 2004, and again to the Eastern District of Oklahoma in 2008. He’s also been admitted to the U.S. Tax Court since 2012.
Having an experienced short sale lawyer in Oklahoma City, OK on your side means that you are going to have someone walk you through the process of a short sale. You may be wondering what exactly a short sale is, and that’s okay, we’ll walk you through that too.
What Is Short Selling?
A short sale is when the lender agrees to allow you to sell your property for less than what the loan has owed on it. The lender will then accept the proceeds to release the mortgage lien. This is an option that many people who face foreclosure may consider, and when considering it you should definitely talk to a short sale lawyer in Oklahoma City, OK so that you fully understand all liability and regulations surrounding this practice. Protect yourself to further avoid more debt.
Example: If you owe $200k on your house and you can find a buyer, then the buyer can purchase it for $150k and the lender would accept that money, even though it’s short $50k of what you originally owed.
The act of short selling is one way to avoid foreclosure due to being unable to afford your home.
But When Should You Hire a Lawyer?
The main difference between a lawyer and real estate agent is that a lawyer can negotiate the short sale, and give you legal advice regarding the transaction. A real estate agent cannot. Often a lawyer will represent you in foreclosure action, or even help you file for bankruptcy if the sale falls through. Real estate agents cannot help in either of those cases, either.
Deficiency Judgements – What Are They?
When you do a short sale, you are selling property for slightly less than you owe on it, to return the money you receive to the lender that you owe too. So the sale price and the total mortgage debt is referred to as the “deficiency”, because it’s a deficit on your owed mortgage. In most states across the country, lenders can seek judgement against you to try and recover the deficiency (or the amount that the short sale did not cover) so that they receive the full amount you owe them.
Some states prohibit deficiency judgement after short sales when circumstances call for it, but once a judgement has been obtained the lender may collect the amount from you by garnishing your wages or levying your bank accounts.
Should you find this happening, reach out to a short sale lawyer in Oklahoma City, OK to get help with your judgement. Let the Law Offices of Marty Martin negotiate on your behalf.