Without question it is in your best interest to work with a short sale attorney throughout this process. Your lender is attempting to foreclose on what is likely the most valuable asset you have in your possession. Our law office can negotiate on your behalf with your lender to obtain the best outcome for you.

Most people facing a short sale have no experience negotiating with banks. Minchella & Associates has extensive experience in this area. We have found that every single lender requires different documentation and plays by different rules. Some lenders are straight forward whereas some lenders will require the same documentation five times. It is critical to know how to present your documentation to the lender in a way that prevents them from taking advantage of you. In addition, once the short sale has been negotiated, you will need a lawyer to close the transaction for you.

The process of a short sale varies depending on which lender with whom you are dealing. Minchella & Associates has dealt with virtually every lender and as such, is uniquely positioned to maneuver the process, help you understand it, and help with strategies for the more recalcitrant lenders. However, generally speaking there are certain steps that your short sale will take, these include:

In short, a foreclosure will stay on your credit report for 7 years as a ‘non-payment.’ This will drive your credit score dramatically lower.

On the contrary, a short sale will show on your credit report as ‘not paid as agreed.’ The short sale will not have the same negative impact in terms of time on your credit report and the severity of effect on your score.

There are other financial benefits to a short sale over a foreclosure as well. In a short sale, the lender absorbs many of the costs of the closing so it’s not coming out of the seller’s pocket.

Finally, a short sale provides the seller with dignity. You are not being foreclosed upon. This allows you to walk away from a short sale with your head held high. You will have been able to sell your property rather than be foreclosed upon and evicted.if you want to speak with a foreclosure attorney about doing a short sale on your home, contact Minchella for a confidential and free consultation.