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Should I Have A Lawyer To Help With My Short Sale?

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.

THE ATTORNEY/BROKER ADVANTAGE FOR SHORT SALES

For many homeowners, a short sale is the most effective foreclosure alternative. You will be able to remain in the home well past the scheduled foreclosure date while we negotiate a short sale with your lender. You will also be protected from lender lawsuits, eviction, deficiency judgments and collection actions once the short sale is completed, and you may be able to avoid certain tax consequences as well. You won’t pay any costs or fees in a short sale; the lender pays for everything and may even offer you a cash incentive.

By combining a real estate brokerage with the knowledge and skill of an experienced real estate attorney, Lawyers Realty Group is able to provide unprecedented service in marketing and selling your home while fully protecting your legal rights throughout the process  –  and we do it all without putting a sign in your yard or a lockbox on your door. We employ a team of very skilled and experienced real estate professionals headed by Southern California’s top real estate attorney/broker. We know how to sell homes in this distressed market and maximize every advantage for the homeowner. Lawyers Realty Group will ensure that the banks are held accountable for their legal violations if they fail to cooperate in good faith.

Only an Attorney/Broker can fully examine your legitimate options and forcefully protect your rights. I began my legal career representing national banks like Bank of America, Wells Fargo and JPMorgan Chase. I know how they operate, and I know how to work the system to help you achieve the best possible outcome for your difficult situation. Let me put that knowledge and experience to work for you.

Lawyers Realty Group has helped countless homeowners put this nightmare behind them and regain their financial footing. Call me directly at (949) 613-5900 ext 100. This is my direct line, not an assistant or a paralegal. If I don’t pick up, please leave a message for me and I will call you back as quickly as possible. You can also email me with all the information here. I’m here to help in any way I can – please call or email right away.

WHY CHOOSE LAWYERS REALTY GROUP?

LAWYERS REALTY GROUP is an attorney owned and operated short sale brokerage that was formed to help level the playing field between struggling homeowners and the bank lawyers who are threatening them with foreclosure, eviction, deficiency judgments and collection actions.

Traditional real estate agents are simply not trained to deal with the underhanded tactics used by the banks, and it is illegal for those agents to discuss or negotiate the legal and tax issues raised in a short sale. This leaves homeowners vulnerable and unprotected. By combining a real estate brokerage with the knowledge and skill of an experienced real estate attorney, Lawyers Realty Group is able to provide full protection for homeowners while charging all costs and fees to the bank.

Clients of Lawyers Realty Group receive free and comprehensive legal counseling, a full analysis of all options, and vigorous representation on both the legal and transactional sides of a short sale. We specialize in handling all aspects of short sale transactions, from listing and marketing homes to negotiating with the banks and commencing legal action when necessary. Lawyers Realty Group aggressively represents clients against the banks and maximizes every advantage for homeowners to help them begin their financial recovery.

Derik N. Lewis, Esq., is the founder and president of Lawyers Realty Group. Derik is a California real estate attorney and real estate broker. He graduated magna cum laude from Boston University School of Law and has 20 years of real estate experience. Derik served as legal counsel for some of the world’s largest lenders including Bank of America, Wells Fargo and JPMorgan Chase. Homeowners facing foreclosure or seeking a short sale can find help from a skilled real estate broker and experienced short sale attorney by contacting Derik at (949) 613-5900 x100.

“Your lender has a lawyer. You should too!”

What Are Your Alternatives To Foreclosure?

Hi this is Derick Lewis with Lawyers Realty Group in Southern California and we’re discussing alternatives to foreclosure, like a short sale. The first question you need to ask yourself is whether you’re trying to stay in the home or whether you’ve accepted the fact that you need to leave the home but you’d like to avoid the formal foreclosure and everything that comes with that.

Let’s analyze staying in the home first. You have the right to cure the default. If you’re not too far in arrears and your late fees aren’t too big you might be able to gather the money needed to pay the mortgage current and then continue to pay the mortgage payment from then on. If you had a temporary problem and now have the financial ability, you have the legal right to cure the default.

You can also attempt to do a refinance of your mortgage or a reverse mortgage; something to pay off that first loan that’s in default. Most people don’t have a significant amount of equity in their homes. Another option is if your hardship was only temporary you may be able to go to the lender and ask for a deferment or forbearance. The big one that everyone goes after is a loan modification. It hasn’t been a very successful program, but we have some resources on our website for you.

These are basically the options if you want to stay in your home. If you’ve realized that you have to leave the property, now you’re looking for alternatives to that foreclosure action because this will damage you significantly. You could do a deed in lieu; this is when you tell the bank you know you’re going to lose your home so you give the bank a deed transferring the property back to them. The problem in California is that there are a lot of second liens or HELOCs on homes. You can do a planned foreclosure; this is a concept where you make sure the lender abides by the guidelines. The big alternative to foreclosure that gives you a lot more protection and ability to negotiate issues is a short sale. What we see in a short sale is the lender is owed more than what the property is worth, so they allow you to take less than the full payoff. The short sale process is detailed on our website significantly, but it does give you a lot of ability to negotiate with other lien holders and take more time in the process.

A short sale is a significant alternative to foreclosure and I suggest you look at more information about it on our website if you need to get out of your home. I will also briefly bring up bankruptcy, however the lender still has the right to foreclose on your home. Be sure to check out our website because it has significant resources involving alternatives to foreclosure, especially about short sales.

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California Law Provides Protection In Short Sales – Make Sure You Have An Attorney/Realtor® Representing You!

California Code of Civil Procedure section 580e prohibits all mortgage holders from seeking a deficiency judgment in any transaction where they have provided written consent to a short sale. This has added significant protections to California’s current anti-deficiency laws (e.g. CCP 726, 580d and 580b) when dealing with short sale transactions.

This law provides far more relevant protections for borrowers seeking a short sale than the existing anti-deficiency laws. The new 580e is the saving grace for those borrowers seeking a short sale with a cash-out refinance loan.

Although this is great news for homeowners, there are serious questions about the implementation of the new law. Homeowners are strongly encouraged to seek the advice and counsel of a real estate attorney before even considering a short sale. You can get free legal representation in your short sale by engaging Lawyers Realty Group to handle the marketing and selling of your home.

There are serious legal and tax consequences related to CCP 580e. Please see other resources at www.LawyersRealty Group.com related to a traditional realtor’s inability to protect you during a short sale. You need an Attorney/Realtor® to fully examine and evaluate your exposure and protect your interests.

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A Word About Short Sale “Experts”

No matter how many weekend short sale certifications a real estate agent may hold (like CDPE or SFR), they are simply not equipped to evaluate your situation or counter the tactics used by the banks in a short sale. The only true “short sale expert” is an Attorney/Realtor® who has handled hundreds of short sale closings.

Attorneys are trained in the law and learn adversarial negotiations. Real estate agents are trained in cooperative negotiations (like the discussions between a buyer and seller in a “regular” transaction). Your situation involves a mortgage default (which is a breach of contract) and you may already be in the legal foreclosure process. Agreeing to a short sale has legal, tax and contract implications which require an evaluation by an Attorney. You are proposing a legal settlement in the form of a short sale. The approval letter from the bank is a written settlement agreement. You must have an Attorney/Realtor® to be appropriately protected.

Real estate agents are legally barred from discussing legal and tax issues, they can’t draft provisions for your protection, and they can’t review the short sale approval letter or the Arm’s-Length Affidavit. This leaves you COMPLETELY UNPROTECTED in a short sale transaction. Listing your home with just any “local” broker or a friend-of-a-friend who is a real estate agent, no matter how many short sales they may have closed, will expose you and your family to legal and financial peril.

The basic realty tasks of marketing and selling your home are actually the easiest part of a short sale. Lawyers Realty Group has a pool of interested buyers and employs extensive marketing efforts across multiple platforms. We have offices and personnel in cities throughout Southern California. We have successfully completed hundreds of short sales, and each one of our clients can rest assured that there are no “loose ends” or future collections actions that will come back to haunt them. Our clear advantage is the Attorney/Realtor® representation. Don’t be misled by a real estate agent “teaming up” with a lawyer. You need and deserve the direct representation offered by Lawyers Realty Group.

I’ve closed hundreds of short sales, and I spent over a decade of my legal career representing national banks like Bank of America, Wells Fargo and JPMorgan Chase. I know how they operate, and I know how to work within the system to help you achieve the best possible outcome for your difficult situation. Let me put that knowledge and experience to work for you. You can email me here or you can call me at (949) 613-5900 x100.

You Need A Skilled Realtor and Real Estate Attorney For Your Short Sale

In this tumultuous housing market, you need the services of a skilled Realtor® AND the expertise of a real estate 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 for your situation.

Call today for a free consultation and 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?

Why use an Attorney/Realtor®?

All distressed real estate transactions are fraught with difficult legal issues. The short sale process in particular involves extensive adversarial 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 agents 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 fully protected. Get the answers you need before making any decisions by contacting an Attorney/Realtor®.