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Alternatives to Foreclosure (continued)

Posted on in Bankruptcy Attorney

Today we will further elaborate on short sales, a viable alternative to foreclosure that many people choose. Simply put, a short sale is selling your house “short” of what you owe the bank. First, you must list the property for sale with a realtor or by independently finding a buyer. Generally one will notify the bank in order to receive a reasonable amount of time to find a buyer and receive an offer. After receiving an offer, this is then submitted to the bank who will decide to accept or reject the offer. If the bank accepts, they can choose to either write the difference off or pursue the difference owed from the property owner. Short sales are typically an attractive option for banks and there are a variety of ways to help put you in the best position possible for a short sale. The attorneys at Newland & Newland can help you assess if a short sale is a good option for your situation and to help you through the process.

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