300 Golden Street North Dade, FL (PressExposure) April 24, 2009 -- Losing a home by signing away ownership is not easy for the homeowner. It is a source of embarrassment and robs the homeowner of dignity. There are ways to avoid foreclosures or bankruptcy. A short sale is one alternative. Short sales stop the foreclosure of homes. The lucas law firm [http://www.lucaslawcenter.com/services/services.htm] offers this service to help homeowners avoid the problem being left with the bill for the remaining balance of a loan. What is a Short Sale?
A short sale in real estate means that payment from the sale is less than the balance of the loan granted to secure the property. The lender is willing to accept less than the actual amount of the outstanding balance of a loan. This happens due to financial difficulties on the part of the homeowner. Negotiation is carried out by the bankâs loss mitigation or workout department. The homeowner sells the house for less than the remaining balance of the loan, and gives the proceeds to the lender. Not all properties are eligible for short sales. Not all lenders agree on short sales. It would be wise for a homeowner who wishes to do a short sale to get legal advice and representation. A competent real estate lawyer knows the consequences of such a sale. What Can the Lucas Law Center Do For You?
The lucas law [http://lucaslawcenter.com/Faq/Faq.htm] Center helps homeowners get out of their homes without a record of foreclosure on their credit report. Short sale is the service is for clients who can no longer afford to pay the mortgage while avoiding the problem of being left with the bill for the remaining outstanding balance of the loan amount. Damage to a sellerâs credit report is unavoidable, but it is still less than damage from a foreclosure.
The lucas law [http://lucaslawcenter.com/Faq/Faq.htm] Center helps in the preparation of an offer, presentation of comparative market analysis reports to the lender, and negotiation on the short sale contract. Acceptance of a short sale by the lender is not a guarantee that no legal pursuit will be done for the remaining balance of the loan or deficiency. The Lucas Law Firm addresses this very important issue of responsibility for the deficiency. It aims for freedom from debt for the clients.