Foreclosure Lawyer Oklahoma City, OK
A short sale of your home is a way of selling your home when you have negative equity or are “upside-down” on your mortgage. By doing this you can save your home from foreclosure. However, you must receive approval from your mortgage lender first and it can be a long and difficult process. The first hurdle is getting your lender to approve. While it can be done prior to your house entering into the foreclosure process, once the foreclosure process starts, a law firm is involved, and they have no incentive to agree to or encourage their lender client to agree. Their incentive is to see the foreclosure through to the end and maximize their fees.
Even if you do get the lender to agree to a short sale, you still have to sell your house. That typically requires you to hire a realtor to handle the sale for you and very few realtors are willing to handle this knowing how hard the process can be. Due to the difficulties referred to above, I very rarely encourage clients to try to short sell. I think that there are better options. One of the primary reasons for short selling is to avoid the potential negative results of foreclosure such as being sued for the amount owing the lender after the home has been foreclosed on as well as the negative consequences of having a foreclosure on your credit report. In truth, however, a short sale is still very harmful to your credit and most mortgage lenders do not go after people for money after they foreclose so there really isn’t much, if any, of an advantage to a short sale over a foreclosure if you are ready or have to give up your house.
However, if you want to keep your home long term or hang on the house long enough to see if the housing market improves and allows you to get more money for your house, you might consider a Ch. 13 bankruptcy. At Marty Martin Bankruptcy Law, we can modify your mortgage and allow you to pay the amount that you are behind on your mortgage over a period of up to 60 months. This makes it manageable for many to catch up on their mortgages even when all other options have failed, and it seems impossible. Please give us a call at (405) 255-2380 or firstname.lastname@example.org to discuss your situation with a foreclosure lawyer Oklahoma City, OK residents recommend.