Understanding The Benefit Of A Short Sale
If you owe more on your home than the current value of your property in Maine, you may want to negotiate with your mortgage lender about pursuing a short sale. You would need to work with a real estate agent who has extensive experience in short sales for the best results.
Short sales are complex and not always subject to approval by mortgage lenders. Generally, lenders require that the property must be on the market for sale. You will also need to demonstrate to your lender that you are experiencing a financial hardship.
If you have had any type of change in your financial status from the date you purchased your home and when you entered into a short sale negotiation, this could be classified as a “hardship.”
Lenders may find consider these types of changes as acceptable hardships:
- Mortgage payment increase due to an adjustable-rate mortgage (ARM)
- Job loss
- Employment relocation
- Severe accident injury
- Death of a close family member
- Military duty
- Excessive debt
There are other hardships that may qualify for pursuing a short sale of your property to avoid foreclosure. Speaking with an experienced attorney as soon as possible can make a significant difference in managing your debt and stress level. I am J. Scott Logan, and for more than 15 years, I have been helping my clients successfully implement options for avoiding foreclosure and other debt relief measures.
Contact An Experienced Attorney For Help
For a more personally tailored evaluation of your options including these and others not discussed here, call me at the Law Office of J. Scott Logan, LLC, in Portland at 207-613-8590 for a free initial consultation.