Philadelphia Short Sales Lawyer

When real estate is sold for less than the balance owed on the property's loan, it is called a "short sale". It is an agreement between yourself and your lender and the money made from the sale is turned over to them to resolve the debt. In most cases, when the short sale is completed, your debt is considered fully paid. There are times when a person might still be held responsible for the balance between the amount received for the short sale and the total amount owed on the home loan. As a Philadelphia debt collection defense attorney, I can fully explain how a short sale works, any pros or cons, and how it may be the best solution against mortgage foreclosure or creditor harassment.

Frequently, mortgage companies will agree to a short sale if there is a financial hardship by the borrower. Sometimes they feel it is financially better for them to receive the money from the short sale rather than receive no payments or have to proceed with foreclosure. From the viewpoint of the borrower, a short sale can be faster and less expensive than foreclosure. It may help to reduce damage to your credit report while giving you some control over the debt that you owe.

Helping Consumers

Not all lenders have the same willingness to move forward on a short sale. Mr. Forbes has worked for years to protect consumers against those that try to take advantage of them. Convincing a lender that a short sale may be their best financial option can result in an individual, such as yourself, being out from under a tremendous burden and able to see a positive financial future.

A short sale can become complex when there are second mortgages or certain liens involved. With multiple parties, time can be of the essence in order to prevent foreclosure on your home. In certain cases, a short sale may not be the best solution for an individual. There are other ways, such as debt negotiation, bankruptcy and the prevention of debt collection abuse that may be best for you. It is my job to understand your situation and work towards making your finances manageable once again.