Unfortunately, foreclosure is usually just the beginning to many more headaches and serious consequences
Washington, DC (PRWEB) February 5, 2009
Feeling the pain of mortgage payments they can't afford, homeowners are trying to sell before being foreclosed. But in a real estate market that has seen home values decline, buyers are writing offers that are usually less than is owed on the mortgage. Attorney Jill Pogach Michaels is successfully negotiating "short sales" with lenders to provide sellers an alternative to foreclosure.
Many homeowners give up and relent to foreclosure because they feel it will end their money problems. "Unfortunately, foreclosure is usually just the beginning to many more headaches and serious consequences," said Ms. Michaels. The lender has the right to sue the homeowner after foreclosure for the balance of the money plus attorneys fees not collected when they sold at auction or thereafter. A successful short sale means that not only will the lender agree to take less money than is owed but will also agree not to pursue any balance on the loan known as the deficiency. This gives sellers a fresh start and is a viable alternative to foreclosure or bankruptcy.
While a short sale might be a better long term solution getting to closing can be difficult. Lenders are overwhelmed and the negotiations occur at several levels. The process can take thirty to ninety days and sometimes the buyers don't have the patience to wait for a lender approval. If not properly negotiated, lenders will also attempt to collect the "short" amount from the seller after the home is sold. A truly successful negotiation should allow the seller to walk away free and clear.
Because of trends she saw in her title company and real estate law practice, Ms. Michaels realized there was an immediate need to assist real estate agents and desperate homeowners. The Law Offices of Jill Pogach Michaels now has a full time team of attorneys and housing counselors that concentrate on short sale negotiations. A dedicated team, proven short sale negotiation techniques, and a thorough database of lender contacts and relationships has made the Law Offices of Jill Pogach Michaels a leader in short sale negotiations. Ms. Michaels teaches hundreds of real estate agents in the DC Metropolitan area each month how to handle short sale transactions.
If you would like more information about this topic or to schedule an interview with Jill Pogach Michaels, please call Lee at 301-651-1659.