Galveston Short Sale Attorney
Upside Down On Your Mortgage?
If you owe more on your mortgage than your home is currently worth, a short sale can help you avoid foreclosure while obtaining the debt relief you need. Contact Gipson, Norman & Root today to schedule a free case evaluation with an experienced Galveston short sale lawyer.
What Is A Short Sale?
In a short sale, the lender agrees to allow the homeowner to sell the property at the highest price it will achieve on the real estate market. Often, this amount is thousands of dollars less than the outstanding balance owed on the mortgage.
Even though a short sale often means that a lender will lose money on the outstanding loan, many lenders will agree to a short sale because the legal and transactional fees associated with a foreclosure frequently end up costing the lender more than the amount lost in a short sale.
What Are The Benefits Of A Short Sale?
- You can pay back less than what you owe on your mortgage
- A short sale is better than a foreclosure on your credit report
- You may be able to avoid paying a deficiency judgment if they bank waives the deficiency
What Is A Deficiency Judgment?
In Texas, if your home is sold in a foreclosure sale or short sale (and the property was not subject to a home equity loan), state law allows the lender to sue you for a “deficiency judgment,” which is the unpaid difference between the mortgage balance and the amount the home yields in a foreclosure/short sale.
While Texas lenders are permitted to pursue a deficiency judgment against a homeowner following a short sale, a skilled Texas short sale attorney may be able to help you negotiate with the lender to obtain a balance waiver, resulting in a zero balance. When this happens, the lender expressly waives its right to pursue a deficiency judgment.
Compassionate Advocates On Your Side
Our friendly, professional staff will explain the pros and cons of a short sale and help you understand all your options. We can evaluate your particular situation to determine whether a short sale is the best course of action for you, or whether you would be better off pursuing a loan modification or filing for bankruptcy. Rest assured, we will stand by you every step of the way to help you find the debt relief strategy that makes the most sense for you and your family.
Contact Our Texas Home Short Sale Lawyer
Gipson, Norman & Root is a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.