Is a Short Sale Right for You?

Both our national economy and the real estate market have been soft for a number of years now. If you are unable to continue making payments on your mortgage, it may be time to look at all of your options. One such option is a short sale.

In a short sale, the homeowner convinces the bank to accept less than is owed on the mortgage. Short sales are complex transactions, and are often difficult to complete. An experienced attorney can go a long way to protecting your interests and helping you complete a short sale.

At Markowitz O'Donnell, LLP, based in Lawrenceville, we help homeowners throughout New Jersey determine whether a short sale is the best option for them. Our attorneys will sit down with you, review your circumstances and counsel you as to your options.

When Will the Bank Accept a Short Sale?

In order for the bank to agree to a short sale, you must show evidence of financial hardship. Before the bank will agree to a short sale, it must be shown that a short sale is in its best interests. In many cases, a short sale will save the bank time and money, and will keep the bank from having to manage a property.

Our law firm will work with you to provide your lender with the documentation it will need to consider accepting less than the value of the mortgage.

In addition to short sales, we can explore other options, such as Chapter 13 bankruptcy, which would allow you to pay your unpaid balance over three- to five-years. We can also explore the possibility of a deed in lieu of foreclosure or any other available options.

Contact Us for Help With Short Sales

If you are thinking about a short sale, but are unsure if you qualify, contact our firm. Our lawyers are ready to review your individual financial situation and advise you throughout the process. Call 609-482-3138 or 866-437-1189 to schedule a consultation.