When you boil things down to the simplest level, anytime you have legal questions, you should hire an attorney. If you are involved in a short sale, you may have a real estate agent, but this person cannot provide legal advice. It’s also generally recommended that you not attempt to negotiate a short sale on your own. West Chicago short sale lawyers can make this process as painless as possible. We’ll explain why now.
Protection of Assets
If you are the seller in a short sale, banks are going to go over your financial statements with a fine-toothed comb. They will want to look at your bank accounts, credit report, and tax returns. The reason for this is because the bank wants to recoup at least part of the money they hoped to get. If you are trying to do a short sale without hardship, the bank may ask for a seller contribution. Unless you know the ins and outs of the legalities in this situation, you need an attorney who can assist you with this process.
Release of Liability
Even if a bank forgives the balance between the final sales price and the balance of the mortgage, that doesn’t mean you’re entirely off the hook. Some banks will not release you from liability. That means your bank could garnish your checks and seek other ways to get the money back. West Chicago short sale lawyers will make sure that you get the best deal possible. Their experience will help you get out of the short sale as unscathed as possible.
The truth of the matter is that almost any seller in the position of having a short sale is likely more than ready to have the entire experience over. A real estate agent cannot provide that for you. However, a lawyer can do so due to their expertise in laws and regulations.
Some people may choose not to hire an attorney for various reasons, including not having the money available or having been told by family that a lawyer is unneeded. We suggest anyone in a short sale situation should contact an attorney. Many of them, like Covert & Covert, LLP will provide you with a free consultation. You can decide what to go from there.