Short Sales have been a popular alternative to foreclosure litigation, and depending on the circumstances, it may be best for you. Simply put, a short sale is the market sale of a home for an amount less than is owed to the lenders holding mortgages. This is usually around fair market value for properties that are “upside down” and not worth the mortgage balance. Short sales are a very effective solution for clients seeking an exit strategy and damage control against the harmful effects of foreclosure. For a more detailed discussion of the short sale process, check out our blog entry titled "Short Sales - The Guide".
Our attorney-owned title agency, Esquire Title Company handles the closings. We always seek deficiency waivers for our clients to guarantee the lender will not be able to sue our clients to collect the difference between the short sale proceeds and the total debt owed the lender, known as the deficiency. Additionally, while not guaranteed, we often succeed in getting cash payment incentives for our clients from the lenders, thereby helping many clients get paid to short sell their homes and receive relocation money in the process.