Being the owner of a house is not always a great feeling. Yes, for those buying their first house, it is the best feeling in the world. However, fortune is not on everyone’s side at all times. Some people own the home, but they want to get rid of it as soon as possible. They have debts to pay, and there is no equity in the house that they can use anymore to survive. That’s what results in a short sale. If you are dealing with such a problem, AsafIzhak Rubin advises hiring a real estate lawyer as soon as possible. To check out more about olcbd click here.
According to Asaf Izhak Rubin real estate lawyer, to a lot of homeowners in distress, things seem quite straightforward. If they are not doing well with their payments, they are better off without the property. The lenders would love to get their money back. That’s a good thought, but not true at all.
Preparing the House for Valuation
This process is more difficult than you might think. You can’t just decide that you want to short-sale a house and go about doing it just like that. Certain requirements have to be met. When you are thinking about a short sale, you have to know that the lender is supposed to benefit from the deal. That’s the reason they agree to a short sale only when they have more mortgage balance on the house than the value of the home itself. In simple terms, if you own the house, you must have more to pay in mortgage than the price of the house on the market.
In this situation, the chances of convincing the lender for a short sale are much higher than when the house’s value goes above the mortgage balance. A real estate lawyer can be a great help at this point.
Convincing the Lenders despite Liens
This is the part where a real estate lawyer can be of great help to your situation. Just about every day in real estate news, you will read about someone who tried a short sale but ended up getting rejected. Why does that happen so frequently? Well, the problem is that people have not one but two or many loans on the house. In other words, there are multiple liens involved, and to go for a short-sale means that the homeowner has to convince everyone to come on the same page. Unless all the lenders agree on the same terms of the agreement, there is no way for the house owner to sell it.
You might feel very helpless in situations like these only until you don’t have a lawyer by your side. The right real estate lawyer will create the perfect application for you that may be able to convince your lenders to come on the same page and let you go for a short sale.
Proving the Short Sale as an Idea
The letter that you have to send to the lender is called a hardship letter. Most homeowners face the issue that they think it will only be a piece of paper. However, you have to gather a lot of paperwork and documentation to clarify to the lenders that you are proposing an ideal solution to the problem. A real estate lawyer can provide you with all the help you need in preparing these documents and presenting them in the right way to bring all the lenders in agreement with your proposal.
People around you might seem interested in your life when you are living it happily. However, when you find yourself in distress, you will also find yourself alone. These are the times you must hire the right professionals who can represent you in front of the other parties, convey your idea to the lenders, and find a way out that paves the way for a future that is not dark.