EXPERIENCED CALIFORNIA REAL ESTATE ATTORNEY READY TO HELP YOU SHORT SALE YOUR HOME!

When the value of a California real estate property drops below the value of the outstanding mortgage, both lender and borrower face difficult decisions. The property owner must decide whether to try to hold on to the property until prices rise again, to let the property go into foreclosure or seek a short sale. The lender has only three options: to foreclose on the property, modify the loan to an amount that the homeowner can afford, or accept a short sale of the California real estate property.

Increasingly, property owners in this situation are choosing to short sale their California home, which can enable them to get out from under the mortgage without resorting to a bankruptcy filing. At the Law Office of Kristy Hernandez, we represent both commercial and residential property owners in California short sales. We work to minimize the negative financial effects that a short sale can have on our clients, so that they can begin to rebuild their financial health and get a fresh financial start.

What is a Short Sale?

In a short sale, a property worth less than the outstanding mortgage is sold to another buyer with the approval of the lender. The proceeds of the sale are transferred to the lender, which then writes off all or a significant portion of the mortgage debt. Lenders often prefer short sales rather than incurring the legal expenses of the foreclosure process.

Is a Short Sale Right for You?

Before recommending a short sale, our experienced Short Sale law firm will carefully review your situation. Some factors that we take into consideration on whether short sale is the right options for you include: your goals in keeping or getting rid of the house, the value of other houses in your neighborhood, the history of real estate appreciation in your neighborhood, the damage to your credit, the tax implications of short sale, and whether you will have to pay back any of the loan after short sale. Since every client has different goals, and every piece of real estate is different, our attorneys will work with you to tailor their advice to your particular situation.

How Our Office Can Help

There are many different short sale services that the Law Office of Kristy Hernandez offers to our Sacramento and Bay Area client base. Here are some examples of our short sale services:

Advise You of Your Rights

The decision to short sale your home should not be made lightly. Clients frequently have questions about the short sale process and the legal ramifications of short sale. Do you have any of the following questions:

* Do I have to pay all or part of my mortgage after the short sale?
* Will I owe taxes on the cancelled debt after the short sale?
* How long will it take me to be approved to buy real estate again after a short sale?
* How long does a short sale take?
* How will a short sale affect my credit?
* How long do I get to stay in the home if I do a short sale?
* What happens to my tenants if I short sale my rental property?

Before agreeing to short sale your home, you should know the answers to these questions. The Law Office of Kristy Hernandez can advise you of your rights and help you be confident that you are making the right choice for your family.

Review Short Sale Contracts

Many clients hire our office simply to review the short sale agreement prior to signing to make sure that they have a good understanding of their rights and responsibilities under the contract. Many lenders require that home owners pay back all or a portion of the loan even if the house goes through a short sale. This is especially common where there is both a first and second mortgage on the property. Make sure that you do not sign a short sale contract that you do not understand. A simple contract review takes just a small amount of attorney time and usually costs just a few hundred dollars, but the peace of mind you receive from knowing your rights and responsibilities is well worth the cost.

Negotiate Short Sale Approval

Lenders are not required to approve short sales. Convincing your bank to accept less than what you owe on the loan can be a challenge, especially since the lender stands to lose a lot of money on the deal. Also, if you have multiple mortgages, both lenders have to agree to permit the short sale to close, and different banks do not work well with one another. Having a law firm communicate with each bank and organize the short sale process can be crucial to the success of a short sale. The Law Office of Kristy Hernandez works with real estate agents every day helping manage short sale negotiations to insure that escrow closes on time and as expected.

To speak to one of our attorneys about the short sale process and our services, please call our office today. For clients in the Bay Area, including, Newark, Union City, Fremont, San Ramon, Livermore, San Francisco, etc., our phone number is: (510) 456-7400. For clients in Sacramento, Citrus Heights, Antelope, Roseville, Rocklin, Orangevale, Folsom, El Dorado Hills, Elk Grove, Woodland, etc., our phone number is: (916) 728-1500.