In this tumultuous market, you need the services of a skilled real estate broker AND the expertise of an attorney. You can have both and at no cost to you. I am a Realtor® and a practicing real estate attorney. For years, I was legal counsel to the nation’s largest banks. Now, let me give you the inside track on how you can limit your liability and achieve the best possible outcome.

Why use an attorney/broker?

If you are a homeowner facing foreclosure, you undoubtedly have lots of questions and concerns. A short sale transaction is a legal settlement between you and your lender in which you agree to settle your outstanding legal obligation through a reduced payoff of your loan. All distressed real estate transactions are fraught with difficult legal issues. The short sale process in particular involves extensive negotiations and presents complex legal issues related to recourse liability, taxation and forgiveness of debt, foreclosure processing, and the terms and provisions of the settlement and releases of liability. Traditional real estate brokers are forbidden by law from dispensing legal advice and therefore cannot offer you a complete understanding of the consequences of your decision. Make sure you are protected and that you have all the answers you need before making any decisions.

Get answers that only an attorney can provide:

  • What options do you have once you are in default and facing foreclosure?
  • Is a short sale better for you than a foreclosure?
  • What are the tax, credit and legal consequences?
  • Can the bank sue you for the unpaid balance of the loan after a foreclosure or short sale?
  • Can the IRS go after you if the lender agrees to waive the unpaid balance of your loan?
  • How does foreclosure/eviction work and how long does it take?
  • Can the lender kick you out once you are in default?
  • How does a foreclosure or short sale affect your credit?