Many of us purchased our homes or any other real property with the belief that they were a sound financial investment. Many homeowners however, have found that because of a decline in value or adding new debt through refinancing or a HELOC, they owe more on their property than it is worth. As a result, those who wish to sell when they need to do so are unable to, since property owners are still responsible for the amount owed on the property loan and not its current market value.
If this situation sounds familiar, know that there are ways of finding help and relief. At Sternberg Law Group, we understand the legal mechanisms available to those who are in desperate need of effective debt relief. You need the help of those who can provide you with knowledgeable real estate counsel. To learn more about how we can help you, please do not hesitate to contact our Los Angeles office today.
Sternberg Short Sale Attorneys
We can also help you facilitate a short sale if that is the best option for you. In a short sale, the seller arranges with their lender to accept a sales price on their property that is less than they owe. If you are underwater on your property and want to offload the asset, even if it means you must sell the piece of real estate for less than the loan amount, we can help negotiate with your lender when it comes to accepting a short sale agreement.
In order to avoid the time and expense of having to foreclose on a property, banks may allow this type of transaction. A short sale may be a viable alternative in helping you avoid foreclosure and the need to file for bankruptcy. We can analyze your situation to see if this is the right choice for you and what your other options may be.