Can A Short Sale Help Your Family Avoid Foreclosure?

Short Sales Increasing After Billion Dollar Settlement

If you are suffering from debt and are living in fear of losing your home, please do not despair. With the help of an experienced bankruptcy lawyer, there is hope for a brighter future ahead. After many of the nation's largest firms were accused of utilizing illegal business practices to accelerate the foreclosure process, they chose to settle with the government for more than $25 billion.

There is more to the story than just money, however. According to recent analysis of the housing market, the settlement did more than hit the firms in their pocket books; it fundamentally changed the nature of their operations. The previous year has seen a sharp decline in the number of foreclosures and foreclosure sales; instead, banks and lenders have been far more willing to pursue an alternative path, one that can be far more beneficial to the homeowner: short sales.

In essence, a short sale is similar to filing for Chapter 7 bankruptcy: rather than pursuing the total debt owed over a longer period, your creditor chooses to take a lesser amount of money right now. The lender agrees to sell your home for less than the value of your mortgage, forgiving your obligation and allowing you to walk away unburdened by debt.

This practice has been increasingly popular in 2012, beginning in February after the Mortgage Settlement went through. Real estate experts say that this is no coincidence; rather than relying on old tricks to force foreclosures that might not be legally tenable, lenders are instead choosing to take the quicker path to recoup at least a portion of their losses.

Let an Attorney At Our Firm Help You Start Fresh Today

If you and your family have been burdened with a huge mortgage and no realistic way to pay it, you may wish to consider seeking a short sale negotiation with your creditor. At Price Law Group, our team of skilled and dedicated attorneys can represent you aggressively at the negotiation table, pursuing the best possible outcome for you and your loved ones.

If you need representation in California, we urge you to visit our website at http://www.bankruptcylawyerriversideca.com and speak with a member of our firm right away to discuss the options available to you. Our legal team has more than 20 years of experience under our belts, giving you the chance you need to fight against your creditors. Act now, and you may avoid the pain and stress of a foreclosure further down the road!