Many families face the challenge of having to sell their property at a reduced value in order to avoid entering into foreclosure on their mortgage. A short sale transaction is where your bank or mortgage holder will allow you to sell your home for less than what is owed on the mortgage. The lender then takes whatever purchase price is received and counts it as full payment for the remaining balance on your mortgage.
Short sales are done to avoid having the homeowner and the bank endure the process of facing a foreclosure on the property. At Grewal Law PLLC, we offer short sale advice in order to help you save your credit from further damage. Our team can provide you with sound legal counsel to help determine the best course of action for your family.
Our team at Grewal Law PLLC includes Mick Grewal, a licensed real estate broker, who can assist you throughout the entire short sale process. He can also help you with any other real estate needs, including the buying or selling of property. Our firm can help you fight to avoid foreclosure and handle the negotiations with your lender to help you achieve the short sale you need for your property.
Call our Michigan short sale attorneys at (888) 211-5798 for your no obligation consultation.
How Do I Qualify for a Short Sale in Michigan?
Lenders do not automatically allow a homeowner to sell property at a loss through a short sale. Certain conditions will need to be met in order for the institution to allow you to sell your home through a short sale. Our team can negotiate with your lender to get them to agree to accept an amount lower than what you currently owe on your mortgage.
There are certain conditions you must meet to qualify for a short sale:
- First and foremost, the one condition that must be met in order to qualify for a short sale is the property owner must prove he or she is not able to make payments on the home. You will be required to prove financial hardship through documentation including W-2s and bank statements. These documents will be used to generate a hardship letter requesting a short sale from your lender.
- Besides showing personal financial hardship, you must show the average sale price of homes in the area are not enough to cover the remaining balance on the mortgage. The lender wants to see they will still be at a loss even if you sell the home at a fair market value.
- When struggling with your mortgage, you may find yourself already in the foreclosure process before the option of a short sale becomes available. In order to have your lender agree to a short sale, you must be more than 60 days away from eviction from the property.
However, not every property owner has to be in foreclosure in order to qualify for a short sale. Lenders are more frequently open to allowing short sales if you are behind in your mortgage payments but have not entered into a foreclosure.
Contact Our Firm Today
The real estate lawyers at Grewal Law PLLC can provide you with the short sale legal advice you need when moving forward with this option for your home. We can also negotiate with your lender to help you work out a short sale if possible.
Understanding the conditions of a short sale can be overwhelming. There are pros and cons to short sales to consider when exploring this option for your home. At Grewal Law PLLC, we can provide short sale legal advice to help you determine if you may be able to explore this option for your home.
Call us today at (888) 211-5798 or contact us online for a free consultation with a short sale lawyer in Okemos, Northville, Grand Rapids or the surrounding areas.