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Be sure to mind deficiencies when proceeding with a short sale

Over the last couple years, many financially-distressed South Carolina homeowners have explored their legal options and have found short sales to be a suitable alternative to foreclosure. By choosing this foreclosure alternative, homeowners reduce the harm done to their credit score and have more control over the settlement of their mortgage debt.

In many cases, short sales are a sound option, but it's important for homeowners to make sure they have all their bases covered before moving forward with the transaction. Of course, short sales occur in the situation where a person owes more on their mortgage than the amount their home is currently worth. If improperly handled, mortgage deficiencies can create problems after a short sale has been completed.

In many short sales, mortgage lenders will forgive any debt left over from a short sale. Yet some lenders may wish to reclaim a portion of the monetary deficiency if they have not waived their right to do so. This can be very costly for families that are already in need of debt relief.

It's important for homeowners to ensure that they understand the terms of the sale and have ensured that their mortgage debt is forgiven once the short-sale transaction is complete. By seeking the advice of a trustworthy real estate attorney, homeowners can feel more secure about a smooth short sale and look forward to the relief it can provide.

As many South Carolina families continue to look for ways to avoid foreclosure, it's best to make sure they proceed in the most beneficial manner. A short sale might be the right move in some cases, but they may not be true in others. This is why it's beneficial to see what legal options exist and choose the option that benefits you and your family the most.

Source: Chicago Tribune, "Short sales and deficiency judgments: What you need to know," Ilyce Glink and Samuel Tamkin, Dec. 21, 2012

  • Our firm has experience helping homeowners avoid the stress of foreclosure. To learn more about your options, please see our Charleston short sales page.

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