Southern Indiana and Kentucky Bankruptcy Alternatives Lawyer
If the main financial difficulty that you are having is the fact that your house is underwater (the fair market value is less than what you owe on the house), then a short sale may be an ideal tool to help you begin your financial recovery.
Richard A. Schwartz, Bankruptcy Attorney, we have decades of experience in helping people get a fresh start from overwhelming debt.
In Kentucky call 502-638-2441, in Indiana call 812-399-0959, and toll-free in either at 866-270-4495 or simply contact us online to set up your free initial consultation.
What is a Short Sale?
A short sale is the sale of a house for less than is owed on it. Your bank must approve a short sale. Banks are willing to consider this maneuver because if they actually pursued foreclosure, with its related legal fees and maintenance and management costs, they may spend more than they recover on your property. If you owe more than your house is worth and are willing to sell your house, a short sale can be a valuable tool to help you avoid foreclosure.
A deed in lieu of foreclosure is an alternative to a short sale where you return the keys to the lender and walk away. Many people consider a deed in lieu as a viable option to a short sale.
What Are the Difficulties of a Short Sale?
The main difficulty of a short sale is getting the bank to approve the sale. Even though banks may not want the property, they may be unwilling to negotiate as long as you are still making payments. Often the banks seem to operate on the belief that you will find the money from somewhere if you want to badly enough.
The second difficulty of a short sale is possibility of negative tax implications. If you are considering a short sale, discuss your tax situation with a tax professional.
Contact Us
For help getting out from under debt, in Kentucky call 502-638-2441, in Indiana call 812-399-0959, and toll free in either at 866-270-4495 or simply contact us online to set up your free initial consultation with one of our New Albany or Louisville short sale attorneys. Evening, weekend and in-home appointments are available for your convenience.
