Cedar City Short Sale Attorney

Bankruptcy & Financial Help in Cedar City & St. George

Is your mortgage overwhelming? Are you missing payments and facing foreclosure? You can achieve financial freedom with the help of a short sale. In a short sale, the bank works with borrowers to sell their property for less than the cost of their outstanding mortgage.

Banks do not want to hold on to or maintain properties that they repossess. When a homeowner defaults on a mortgage, they are typically open to negotiating a short sale. This process can relieve the borrower of debt while allowing the banks to transfer the responsibilities of the property to another buyer.

Interested in a short sale? Contact our Cedar City bankruptcy lawyer at (435) 213-1963 for a FREE consultation.

How Does a Short Sale Work?

A short sale is an alternative to foreclosure. You may want to consider a short sale if you are defaulting on a mortgage or if your house is worth less than the outstanding mortgage on the property. In most cases, the value of a property must drop by at least 20 percent in order for a short sale to be feasible.

To begin this process, your lender must be on board. The bank will need to sign off on the short sale and provide documentation supporting their decision. Once the short sale is green-lighted, potential home buyers negotiate with the current homeowner and the banks on the sale of the property. Oftentimes, home buyers get a great deal on a short sale, but the process is paperwork-intensive and they must buy the house as is.

Some of the benefits of a short sale include:

  • A short sale will not damage your credit as much as a foreclosure
  • A short sale shows that you took action before the bank could foreclosure your home
  • A short sale allows some borrowers to purchase another home immediately

M.A. Munson Law: Experienced Advocates that Care!

Our Cedar City bankruptcy attorneys have the experience and knowledge to guide you through this process. Our lead attorney is even a member of the Washington County Board of Realtors, so you can trust his knowledge in real estate and bankruptcy law.

Call (435) 213-1963 to discuss your options and pursue financial freedom.

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