Short Sale: A Solution For Many Property Owners
As homeowners struggle to make mortgage payments on houses or investment property losing their value, short sales are becoming a common option to foreclosure. Kurland Law Group provides much-needed relief for financially strapped Maryland residents looking for a resolution short of damaging their credit rating.
For more than two decades, the firm’s short sale lawyers have helped their clients secure debt relief and peace of mind. At Kurland Law Group in Rockville, property owners have options via available homeowner programs for short sales that involve:
- Primary home or residence — Homeowners represent a large percentage of short sales. Foreclosure has been threatened or a notice has already been served. Banks have as much to lose in a foreclosure when having to unload a house that has lost significant value.
- Second mortgage on the home — If a bank holds both mortgages, a short sale solves the problem immediately. If two banks provided separate loans, however, the challenges homeowners face require the help of an attorney experienced in resolving debt problems.
- Investment property options — Owners of investment property have the option of putting their vacation home or rental unit into foreclosure. A short sale, however, could lessen the financial obligation for any deficiency while reducing the impact on credit ratings.