When to Choose Foreclosure or a Short Sale in Massachusetts
Massachusetts Foreclosure Defense Attorney Explains Options
If you are facing financial hardships and cannot pay your mortgage, do not stress. There are legal options available to you! With the help of a skilled Massachusetts foreclosure defense lawyer at Glenn F. Russell, Jr. & Associates, P.C., the best option to avoid foreclosure can be determined. For some Massachusetts homeowners, a short sale could bring the most satisfactory results and help families avoid foreclosure on a home.
What is a short sale? Is it right for me?
A short sale is the sale of your home for an amount that is less than the amount that you still owe on your mortgage debt. A short sale must first be approved by your lender or creditor. Although a short sale is not right for everyone, many homeowners choose a short sale when they are unable to afford mortgage payments or cannot pay the difference between the sale price and the unpaid mortgage amount.
Advantages to a short sale include:
- Relief from paying an overwhelming mortgage
- After a foreclosure, you can only buy a home after five to seven years have passed, whereas after a short sale, you can buy a home within two years
- Foreclosure can be time consuming and expensive, whereas short sales are quick and typically much more cost efficient
There are disadvantages to short sales, however. Homeowners may experience damaged credit reports after agreeing to a short sale. Additionally, if a homeowner has more than one mortgage, any additional creditors must agree to the short sale. Because creditors are paid less than what you actually owe, it is typically challenging to persuade creditors to agree to a short sale.
Your Financial Resolution Is Only a Phone Call Away
Generally speaking, if you are having trouble making mortgage payments or are experiencing financial hardship, we recommend that you speak immediately with a Massachusetts foreclosure defense attorney from our firm. The sooner you speak with a legal professional, the faster you can get back on your feet and restore financial security.
Contact Glenn F. Russell, Jr. & Associates, P.C. as soon as possible to determine whether a foreclosure or a short sale is the best option for your unique situation.