Foreclosures Vs. Short Sales

Bankruptcy MIGHT Be Avoidable...

The bad news is that foreclosures aren’t as simple as. ” if I pay I keep my property.” or “If I don’t the bank takes it”. The good news is that there might a couple of great alternatives to foreclosure like a short sale or a deed in lieu of foreclosure.

The GREAT news is that Long Bay Law has the experience, expertise, and compassion to guide you through the process and help you achieve the best possible outcome.

Often banks will accept alternative solutions like short sales and deeds in lieu of foreclosure. It might even be possible to get a loan modification which would give you a reset on the arrears plus better loan terms and a lower monthly payment. The law provides you with certain protections and reliefs but they can get complex.

Long Bay Law will help you understand these possibilities and negotiate with your bank.

Important Definitions

Foreclosure

/ˌfôrˈklōZHər/ noun

the act of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Forebearance

/fôrˈberəns/ noun

the act of a lender granting a temporary suspension or reduction of loan payments. (It is usually granted only if the hardship causing the missed payments is temporary.)

Short Sale

/SHôrt/ /sāl/ noun

the action of selling a house for less than the outstanding mortgage on it. (You might still owe the difference.).

Deed In Lieu of Foreclosure

/dēd/ in /lo͞o/ of /ˌfôrˈklōZHər/ noun

the act of a property owner surrendering the deed to the property to their lender in exchange for being relieved of the mortgage debt.