Short Sale

With the drop in housing prices over recent years and the struggling economy, many people are having trouble paying their mortgages and may consider selling their homes. A short sale is one possible way to avoid foreclosure.

Explore the short sale option

When homeowners are strapped financially and can no longer afford their homes, short sales lawyers in Salt Lake City  work with homeowners to see whether a short sale is a viable option. 

According to Mortgage News Daily , short sales are arrangements between lenders and buyers to sell a home when the proceeds from the sale are less than what is owed on the house. In today’s market, many homes are “upside down.” In other words, the market value of the home is less than what the homeowner originally paid for the house. The term for this monetary difference is a deficiency. When the lender forecloses on a home and selling the house results in a deficiency, the homeowner owes the lender the deficiency, which can amount to thousands of dollars.

Having an experienced bankruptcy attorney who has handled short sales can bring considerable relief to many people in this situation. The attorney can often negotiate the short sale with the lender and work out a deal so the homeowner does not have to pay the deficiency. Lenders frequently agree to short sales in an effort to avoid a homeowner file bankruptcy. When a homeowner files bankruptcy, the amount of money a lender stands to lose is considerably greater than the loss incurred through a short sale. In most cases, lenders would much rather deal with a short sale than a bankruptcy.

Consult experienced short sale lawyers

Ryan E. Simpson, P.C.  works with clients to resolve their financial issues and arrive at the most suitable foreclosure alternatives, whether a short sale or some other financial remedy.

Ryan E. Simpson, P.C.8839 South Redwood Road, Suite C2
Salt Lake City, Utah 84088
Phone: 801-948-3100

Short sales are arrangements between lenders and buyers to sell a home when the proceeds from the sale are less than what is owed on the house. In today’s market, many homes are “upside down.” In other words, the market value of the home is less than what the homeowner originally paid for the house. The attorney can often negotiate with the lender and arrange a short sale, where the homeowner does not have to pay the deficiency on the home.

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