With the housing market what it is and a lot of people still reeling from the recession, it’s not a surprise that a good short sale lawyer has as much work as he wants to handle. Homeowners who are in dire jeopardy of being foreclosed on need to get away from their mortgages, and a short sale can be a great way to do just that. It helps the seller avoid bankruptcy and foreclosure, and it allows the bank to recoup some of its investment right away. While such a path isn’t necessarily optimal, it can be necessary in some instances.
Of course, a lot of people don’t realize the importance of hiring a short sale lawyer. After all, what does an attorney know about selling a home? While it’s true that you probably want a good real estate agent working for you (although you need to be very careful when avoiding unscrupulous agents in this field), there may be many legal questions you’ll need answered before all is said and done. Keep in mind that not only does a real estate agent have no business giving out legal advice, it is probably illegal for them to do so.
No matter where you live, it can be difficult for anyone but an experienced and sharp short sale lawyer to keep up with the rapidly changing landscape of the law. Remember that the bank is not on your side in this. It’s not personal, but the bank’s responsibility is to its shareholders and the financial security of the institution. You have probably defaulted on your loan if it has gotten to this point, so they no longer care much about keeping you as a customer. Whatever they have to do to get as much money as possible from the transaction, they will do.
This is where having a good short sale lawyer comes in handy. He can be your advocate in these murky financial waters. They can work to release your liability regarding the remainder of the balance, get you out of personal liability for the rest of the money, protect your assets, and give you the peace of mind you need in such a situation. Their advice and representation is invaluable and you could be foregoing a great deal of protection if you choose to go ahead without one. Look for attorneys in your area who specialize in these types of real estate transactions and get one on your side before you go any further.