Many a times, short sales in the real estate world can get pretty complex.
Short sales are generated when you try to convince your lender to sell the property according to the current market value even if it is less than the amount you owe. Since most of us are not aware about the local regulations involving short sales, it becomes difficult and your hopes of getting a profit by negotiating with your lender might just not work out.
Here is when the real estate attorney’s and short sales specialists at Walker Law Firm, P.A. come in. If you happen to have legal questions, your real estate agent will not be giving you legal advice, as it is illegal for him/her to discuss and advice you about the laws. Here are a few reasons why you should consider Walker Law Firm, a local attorney for the short sales of your West Palm Beach real estate property.
Protection of Assets
Once banks become aware that they might be facing a loss with a short sale, they tend to make up for it by scrutinizing all the assets of the sellers, the financial statement, tax returns, and retirement funds etc. Even if you have qualified for the short sale due to financial hardship, it is likely that the bank might ask you to pay a contribution by tapping into your retirement account or by liquidating one of your stock accounts. In situations like these, having your local short sale lawyer, who is familiar with the laws of the state, can help protect your assets in West Palm Beach.
Personal Liability Release
There is a chance that release from personal liability might be restricted by the bank, even if they have forgiven the balance between the final selling price and the mortgage balance. This technically indicates that the bank might try to tarnish or attack your future wages in a manner that is (ironically) legal.
This is also termed as deficiency judgment. Your short sale approval letter may not contain the specific rights of the bank in terms of your future wages such as a the purchase of a money loan but in the future, they may present you with the additional charges you are applicable to because the “terms of the loan changed at the time of the short sale approval”.
Free From Mental Stress
Peace of mind! That is what the best part of hiring a lawyer from Walker Law Firm will give you and your family! You would not even have to talk to the bank, as well as all the negotiations with your lender can be managed well by your lawyer from Walker Law.
Sometimes, trusting a real estate agent with these complex procedures might end up in loss.
The attorneys and short specialists at Walker Law Firm, P.A. in downtown West Palm Beach will help you get through these complexities in a manner that you are safe from the future consequences of a short sale. Call us today to schedule an appointment at 561.689.1512.