Short Sales

Exploring Short Sales: A Path to Financial Relief

In the current economic climate, many homeowners find themselves in a tough spot, with their homes valued less than what they owe on their mortgages. If you’re facing this situation, a short sale might be a viable solution for you. Walking away from your mortgage can lead to foreclosure and sheriff sales, opening the door to a deficiency judgment where lenders can pursue the remaining mortgage balance.

What is a Short Sale?

A short sale occurs when you sell your home for less than the remaining mortgage balance with the lender’s agreement. It’s a practical option if you’re unable to afford your house and the mortgage balance exceeds the home’s value. In this process, the lender typically agrees to accept the sale amount as full settlement, foregoing the right to pursue the remaining mortgage balance. This is where the guidance of an experienced attorney like Michael Schwartz becomes invaluable to protect your interests and navigate potential tax liabilities.

How We Assist in Short Sales

At The Law Office of Michael Schwartz, we have a proven track record of facilitating short sales for homeowners in Pennsylvania. Our goal is to manage your short sale efficiently, minimizing any adverse effects. We collaborate with skilled real estate brokers and mortgage lenders who specialize in short sales, ensuring every aspect, from negotiation to finalizing the sale, is handled with expertise. Our focus also includes addressing potential tax implications, striving to reduce or eliminate any tax liabilities for you.

The Michael Schwartz Advantage

Having a respected lawyer like Michael Schwartz on your side makes a significant difference. His reputation commands attention from mortgage lenders, ensuring your short sale is handled with the utmost efficiency and with minimal financial impact on you.

Exploring Your Options

A short sale isn’t your only way out. Depending on your situation, alternatives like Chapter 7 bankruptcy might be a better fit, allowing you to discharge your mortgage and other debts. Or, you might find relief in a Chapter 13 bankruptcy or a loan modification, which could help you keep your home. Making the right decision in these complex situations requires the objective advice of an experienced attorney like Michael Schwartz.

Tailored Solutions for You

Michael Schwartz is here to review your situation and recommend the best course of action tailored to your needs. His expertise ensures that you’re not just choosing an option, but the right solution for your unique circumstances.