Short Sales

SHORT SALE ATTORNEYS

IN SOME CASES, THE YOUR SERVICER (“THE BANK”) MAY PAY YOUR ATTORNEYS FEES FOR NEGOTIATING SHORT SALES. CALL US TO FIND OUT MORE!

If you are facing foreclosure and looking for a way to sell your property or get your mortgage payments under control, the Badaki Law Firm, LLC can help you evaluate and pursue your options.

Our attorneys have years of experience representing clients in real estate matters. We understand the options available to clients when it comes to dealing with banks to negotiate options to avoid foreclosure. Call us at 240-329-4616 to set up a consultation.

What is a Short Sale?

When a property is worth less than the amount outstanding on the mortgage, the house is considered to be “underwater.” Homeowners may request that the bank consider allowing the homeowner to sell the property for less than the full amount of the mortgage. This is known as a “short sale.”

There are potentially complex legal issues involved with negotiating short sales. For example, a homeowner may still be legally obligated to repay to the bank the difference between the amount the home is to sell for in a short sale and the full amount that is owed on the mortgage. This amount is known as the “deficiency balance.” Technically, if the deficiency balance is not waived, a bank may be able to obtain a judgment for the deficiency balance against a homeowner even after a short sale or foreclosure has occurred. Such a judgment would allow the bank to garnish the homeowner’s wages or place liens on other property held by the homeowner. Our attorneys can help you negotiate a waiver of a deficiency balance if appropriate and address other legal issues associated with a short sale.

Can Real Estate Agents Negotiate Short Sales?

It is important to note that Real Estate agents and brokers in Maryland are not permitted to assist homeowners with legal issues associated with short sales such as waivers of deficiencies. All a realtor can do is help to exchange paperwork. See the Maryland Department of Labor and Licensing’s statement on Realtor’s not being permitted to assist with legal issues concerning Short Sale Negotiations available at: http://www.dllr.state.md.us/license/mrec/mrecshortsales.shtml .

Experienced Real Estate Attorneys Can Help

At the Badaki Law Firm, LLC, we have experience with real estate issues, we understand how to negotiate with lenders and banks. We can help you gather the necessary documentation so you can sell your home and avoid foreclosure. We can also help you negotiate waivers of deficiency and address other legal issues associated with short sales.

If you are facing foreclosure, our Short Sale Attorneys can help. Contact our Hagerstown Maryland office online or call us at 240-329-4616 to schedule an appointment.