Is A Short Sale The Best Choice For You?

If you have fallen behind on your mortgage payments, you have likely been threatened with foreclosure. While it may be possible to avoid foreclosure and catch up on past-due payments by filing for Chapter 13 bankruptcy, a short sale is also an option. A short sale means that you will not get to keep your home. However, it does enable you to avoid having a foreclosure on your record, which can help limit the damage to your credit. An experienced lawyer can help determine whether a short sale is an option for you.

The lawyer at the Law Offices of Darin D. Pinto, P.C., has nearly 30 years of legal experience in issues involving debt relief. Darin D. Pinto and his team can help you identify and clarify your goals, providing you with the information you need to help you begin a new financial chapter in your life.

What Are The Alternatives To Foreclosure?

There are several alternatives to foreclosure, including a short sale. A short sale is the fast sale of your home to another buyer to avoid foreclosure. This allows you to avoid the appearance of a foreclosure on your record. It also allows you to pursue the purchase of a new home with a more fitting mortgage.

What Are The Benefits Of A Short Sale Over Foreclosure?

The fact is your financial record means a lot. If you go through a foreclosure, underwriters will not work with you for a significant amount of time. A short sale will help you preserve your financial outcome and have a better shot of borrowing in the future.

How Does This Type Of Sale Work?

Short sales happen when a homeowner and a lender agree to sell the house for less than what the homeowner owes. The money from the sale will be turned over to the lender. Depending on the details of your agreement, the lender may consider the debt to be fully satisfied once the sale is finalized, or you may still be required to pay off all or some of any outstanding mortgage debt. In certain situations, the buyer may agree to assume the mortgage, effectively clearing you of any remaining payments.

However, a lender is not required to agree to a short sale, and this may not be the right option for your situation. Attorney Pinto knows how to negotiate with lenders and will work hard to protect your interests. He can also explore other options designed to help you get lasting debt relief and let you know what steps you can take to begin rebuilding your credit score.

Find Out How The Law Offices of Darin D. Pinto, P.C., Can Help You

Short sales in New Jersey can be extremely complex. To learn more about short sales and other options to help address your housing debt, contact the firm’s Westfield, New Jersey, office to get started. Call 908-913-6168 or contact the firm online to schedule an initial consultation.

Law Offices of Darin D. Pinto, P.C., is a debt relief agency. It helps people file for bankruptcy relief under the Bankruptcy Code.