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What Are Short Sales?


For those facing foreclosure a short sale may be one of the best options available that will ensure that your credit is not hurt in the process. In most cases, you will more than likely need the expertise of a foreclosure attorney as well as accountant to ensure that a short sale will be in your best interest as well as create the documents that show your lender this is the best available in your situation.

A short sale is one in which the lender takes less than what you owe on the property as full payment for the loan. On the other hand, not every seller will qualify for a short sale and thus comes the expertise of a attorney that will help you prove that you do qualify and this is the best route to take.

There are different laws that govern foreclosure and even if you do sell your home, through a short sale you may still be liable for taxes on the money you received. Your attorney will need to see your situation as well as work within the guidelines of the Mortgage Forgiveness Debt Relief Act of 2007 to ensure your rights are preserved. In many cases, the lender may still pursue the seller legally to receive the rest of the money owed on the original loan.

If you choose to have a real estate attorney work with you on your foreclosure or short sale, you should submit a letter of authorization to ensure all the information the attorney needs will be provided by your loan company. In the letter, be sure to include the address of your home, your loan reference number, your name, the date, and the name of your attorney.

Your attorney can help you write a hardship letter using the information you provide to prove your reasons for being behind in your mortgage payments and the reasons your lender should agree with a short sale.
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