CALIFORNIA REAL ESTATE LAWYER SHORT SALES EXPERIENCE TO HELP YOU!
California , Real Estate Short Sale Lawyer
When the value of a California real estate property drops below the value of the outstanding mortgage, both lenders and borrower face difficult decisions.
The property owner must decide whether to try to hold on to the property until prices rise again, to file bankruptcy or seek a short sale. The lender has only two options — to foreclose on the property or accept a short sale of their California real estate property..
Increasingly, property owners in this situation are choosing the short sale route, which can enable them to get out from under the mortgage without resorting to a Chapter 7 bankruptcy filing.
At the Law Office of Kristy Hernandez, we represent both commercial and residential property owners in California short sales. We work to minimize the negative financial effects that a short sale can have on our clients, so that they can begin to rebuild their financial health and get a fresh financial start.
What is a Short Sale?
In a short sale, a property worth less than the outstanding mortgage is sold to another buyer with the approval of the lender. The proceeds of the sale are transferred to the lender, which then writes off all or a significant portion of the mortgage debt. Lenders often prefer short sales rather than incurring the legal expenses of the foreclosure process.
What We Can Do for You
Attorney Kristy Hernandez can evaluate your situation and explain the short sale process. If a short sale is right for you, Attorney kristy will collect and organize information that:
- Demonstrates your financial hardship
- Shows that the property value is indeed below the outstanding mortgage
Our firm will then initiate a discussion with your lender. We understand how to approach the lender and present our findings to the lender in a persuasive manner. Our goal will be to successfully negotiate an agreement that results in the elimination of the entire mortgage, or as much of the mortgage as possible.
Is a Short Sale Right for You?
Before recommending a short sale, our experienced Short Sale law firm will carefully review your situation. We will also pay close attention to the tax considerations as well as the possible effect on your credit rating before making our recommendation to you. It may even be possible to avoid a short sale altogether by obtaining a loan modification.
Contact our office by phone at 1-510-456-7400 to arrange for your free initial consultation
