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Short Sale – Seller

Charles W. Siragusa will do whatever is needed to accomplish the task for which you retained him – to close on your short sale.

What Is a Short Sale?

A “short sale” occurs when a seller sells his or her home for an amount which is less than the amount of the mortgage on the home.  Ultimately, if you successfully close on the sale of your home as a short sale, you should be released from your mortgage – meaning that you should no longer owe any amount on your mortgage moving forward.

Why You Would Want to Do a Short Sale

If you owe more on your mortgage than your home is worth, then it might make sense for you to do a short sale. Why make payments on a loan for something that has a negative value?  You may be better off getting rid of the loan and buying another home which could be worth more than the amount of the mortgage for your new home.

Not just that, but you should be released from the loan on the short sale home your are selling – meaning that you no longer owe any amount on your mortgage, and the lender can’t try to collect from you the amount you owed on the mortgage.

Even more importantly, a short sale will avoid a foreclosure, which damages your credit rating.  A foreclosure also exposes you to the possibility that your lender will sue you to obtain a money judgment against you personally for the difference between the amount of your mortgage and the lesser value of your home.

Problems in Doing a Short Sale

You need Charles W. Siragusa to help you accomplish a short sale – which is often more difficult than a regular sale.

The major problem with trying to do a short sale is that you must get the consent of your lender. Not all lenders will agree to a short sale, and it almost always takes a long time to get such consent – weeks or maybe months. There are frequently additional documents and information that your lender will insist on obtaining from you before it agrees to the short sale. Some lenders take a close look at your financial situation to determine if they will agree to the short sale.

Your realtor may help you do a short sale, but a knowledgeable attorney experienced in this process is invaluable in helping you navigate all the problems that might come up. Charles W. Siragusa has represented numerous sellers in short sales and knows what needs to be done for you to sell your home successfully in this manner. It frequently takes many phone calls and e-mails to your lender to persuade it to agree to the sale.  Charles W. Siragusa will take the time and has the knowledge to convince your lender to agree to a short sale.