Irvine Short Sale Lawyer
Is your home mortgage underwater?
Santa Ana based data firm CoreLogic has reported that California has the
largest number of homeowners whose mortgages are "underwater,"
which is to say that the property is worth less on the real estate market
than the amount that the homeowner owes on the mortgage. This figure amounts
to nearly one in three homes statewide, meaning that this state has the
fifth highest percentage of upside-down mortgages in the country. If your
mortgage is underwater, you are not alone. Knowing that millions of other
California homeowners are in the same position that you are does not necessarily
make the situation any more bearable. You still have to live your life
with a constant struggle to come up with the money to make a monthly payment
which is excessively high based on your home's former value, and it
may take you years to build any equity in the property – if indeed
you ever make it to that point before losing the home to foreclosure.
Short Sales for Upside-Down Mortgages in Irvine
You may feel like there is no way out: even if you are willing to sell
the house, the fact that the property is worth less on the real estate
market than the remaining balance on your mortgage means that you would
not only obtain zero profit on the transaction, but you would also be
left owing money for a home you no longer owe. You may be able to resolve
this situation, however, by hiring an Irvine bankruptcy lawyer from
Peter Rasla & Associates, P.L.C. to represent you in short sale negotiations with your mortgage lender.
In a short sale, the bank consents to allow you to sell the property at
the highest price possible, so that you can get out from under the burden
of an unsustainable debt and make a fresh start in your life.
Will I have to pay the remainder of my home loan?
Agreeing to a short sale means that the bank will lose money. California
is a "no-recourse" state, meaning that when a borrower defaults
on a loan, the lender can foreclose on the collateral – in this
case, your house – but cannot pursue any further legal action against
the borrower to obtain payment for the
deficiency, which is the remaining balance of the loan. For this reason, banks are
typically opposed to approving short sale requests unless the borrower
can prove that he or she is suffering from some type of economic hardship
as a result of a job loss, a major medical event or other unforeseeable
changes in circumstances.
Our Irvine short sale attorney can help you!
Your attorney can assist you with preparing the necessary documentation
to prove the validity and merit of your request, as well as negotiating
with the bank and coordinating with your real estate agent to carry out
the transaction. A short sale is not a perfect solution – it means
that you will lose the house and your credit score will suffer –
but it may be the best way for you to
avoid foreclosure or
bankruptcy and to free yourself up from a mortgage that you simply cannot comfortably
afford. Contact the firm now for a
free case evaluation to discuss this option and to begin working on your case.