Portland Short Sale Defense Lawyers
Avoid Foreclosure with a Short Sale of Your Home
If you are behind on your mortgage, the bank may threaten you with foreclosure. If you owe more on the home than it is worth, you could lose your home and still owe the bank tens of thousands of dollars. A short sale can help prevent this. In a short sale, the bank agrees to accept the sale price of the home as full repayment of the mortgage. The lender takes a loss but avoids having to take on the time and expense of foreclosure.
Lenders can be reluctant to allow a short sale, however, and may plan to sue for the difference between the sales and what you owe. You can get a written statement agreeing to the short sale and waiving the deficiency. A Portland foreclosure defense attorney from Vanden Bos & Chapman, LLP can act as your defense and advocate by negotiating with the bank on your behalf.
Do not be intimidated by the bank’s threat of foreclosure. For help arranging a short sale with your lender, contact us online today or at (503) 664-3134.
Benefits of a Short Sale
A short sale has several advantages that can make it a good strategy to deal with a delinquent mortgage. You avoid some of the challenges of bankruptcy and foreclosure while maintaining your financial stability.
Benefits of a short sale to avoid foreclosure include:
- Not having to catch up on delinquent house payments
- No longer owing mortgage payments you cannot afford
- Not owing more on a home than it is worth
- Avoiding a foreclosure or bankruptcy on your financial record
Because a bank is not likely to automatically accept less money than the full mortgage, you need a skilled Portland short sale defense attorney to petition for this option on your behalf.
We can work with the lender to help them see the wisdom in allowing a short sale and waiving the deficiency. You do not have to let your home go to the bank without a fight. We can help you explore your options to prevent foreclosure.
Can a Short Sale Be Stopped?
While a short sale may sometimes be the best option for a homeowner, there are times that people want to stop a short sale after it has begun. In order to stop a short sale contract, one or more of the following must occur:
- The seller and selling agent agree upon cancelling the listing
- The seller takes a higher offer than the original contract
- Foreclosure replaces the short sale
Contact Vanden Bos & Chapman, LLP at (503) 664-3134 for an initial consultation.