If you read my articles you know by now I try to base them on real life problems and concerns of all the sweet people I encounter during my work week, especially in the area of short sales and foreclosures. I have had so many different mountain climbing experiences lately in relation to this I decided to seek advice myself and make sure I was equipped for the task.
I scheduled an appointment with a Real Estate savvy lawyer so I could get his take on some of the issues my customers are wrestling with. I left feeling very confident in my stance of doing all that you can do to NOT go into foreclosure. Yes short sales are a pain in all of our @##!!%#s…. however they really are the lesser of two evils as we discussed in last week’s article.
Another good reason to try to do a short sale is that if and when you are faced with a deficiency you should have a really fat file with all your efforts to show to a judge to help mitigate your exposure to a deficiency judgment. In our discussions he shared that all the documentation that is kept during the painstaking short sale is great evidence to show a judge that the homeowner did all that he could do to stem the tide. So again the choice to just walk away is not your best choice.
Even if your home goes to foreclosure after all your efforts you will know that you have done what you could do to prevent that from happening. WE Realtors are faced each day with answering questions that we really can not legally answer so please take some time and make an appointment with an attorney who knows the laws in your state. Another important step is meeting with your accountant to know what the financial repercussions may be to you.
If you are in the middle of a short sale please know that you are not alone and there are many of your friends who are in the boat with you. So seek legal counsel, your trusted accountant and a Realtor qualified to handle short sales. And as always, remember…. “The only people we have to get even with are those that have helped us”…. so go get even!!!!