Life can be hard. Even the best-laid plans can go awry and people throughout the Royal Oak and surrounding areas can end up in financial hardships. Maybe you’ve been permanently disabled and can no longer work or perhaps you have lost your spouse due to divorce or an unexpected death. Maybe your company downsized and left you without a steady paycheck. Whatever the case, there are many situations that can leave people unable to pay their mortgage on time. When this scenario plays out for several consecutive months, one’s lender can take legal action, including he decision to foreclose on your home.
Helping You Avoid Foreclosure in Royal Oak
If this has happened to you, what options do you have? Some people in Royal Oak believe they don’t have any options at all, other to simply gather up what they have and move out. However, that is not the case. You do have many other options, and depending on your situation, you might even be able to keep your home. If your lender has denied your request for loan modification, forbearance or another repayment plan, then you could at least still avoid foreclosure. One option available is a Short Sale.
Royal Oak Law Firm Explains Short Sale Process
Some people have a very bad view of short sales, as they often carry a negative connotation. While purchasing a home under short sale terms can take a while for the buyer, for a homeowner, a short sale can be a huge benefit. So what is a short sale? This takes place when the homeowner sells his or her home to someone else for a price that is less than the total debt amount that still remains on the mortgage agreement. In exchange for those proceeds, the lender agrees to release any lien on the property.
Understanding a Deficiency Judgment in Royal Oak
Whenever a homeowner decides to sale his or her home via a short sale, he or she will most likely face a deficiency judgment. That means the homeowner could be responsible for the difference between the sale price and the full debt amount. However, there is a way to avoid being stuck with this deficiency. We know that you probably have a lot of questions if you are in this situation and that you might not know where to turn. With the help of our experienced full-service law firm, you can get those questions answered and get on the right track to improve your situation.
Lending a Helping Hand With Short Sales in Royal Oak
At the full-service Law Office of John Little, PLLC, we know that when you are facing the possibility of foreclosure that you already have a lot of things to worry about. That’s why we offer helpful solutions to those problems. No two situations are exactly the same, which is why we will take the time to review your case and help you determine which option is best for you, whether that’s a short sale or some other resolution. If you are about to lose your home in Royal Oak, then please phone us today at 248-865-3455 or contact us online. We also serve clients in Detroit, Southfield, West Bloomfield, Troy and Bingham Farms.