Glendale Short Sale Attorney

Is a Short Sale Right for You?

Sometimes the loss of a job or another economic hardship can leave an individual in a precarious financial position in which he or she can no longer afford to pay the mortgage on a home, apartment, or other residence. After missing a few mortgage payments, the bank or mortgage originator may threaten to foreclose on the property. In order to avoid a foreclosure, the best option in some situations is to shed the property through a short sale. If your mortgage lender is threatening foreclosure, it is a very good idea to speak to a Glendale bankruptcy attorney about the advantages and disadvantages of a short sale.

What is a Short Sale?

A short sale is when an individual decides to sell a home or piece of property at a reduced price in order to quickly shed the property and absolve a mortgage debt. While the property often sells for less than the mortgage amount, a short sale usually entails an agreement with the mortgage lender to absolve the balance of debt owed after the sale. Individuals resort to a short sale when the immediate threat of foreclosure or bankruptcy eliminates the possibility of selling the property under regular circumstances for the full value of the home. A short sale will not affect your credit as severely as a foreclosure, a deed in lieu of foreclosure, or bankruptcy.

Short Sale Lawyer Serving Montrose and La Crescenta

At the Law Offices of Khachik Akhkashian, we are dedicated to helping our clients through these tough and difficult times. Facing bankruptcy or foreclosure can cause a lot of anxiety and heartache. We are here to minimize the damaging effects of a financially unstable position. Our attorneys will work with you to develop a clear picture of your financial situation so that we can help you determine the viability of short selling your home or property. Sometimes a short sale is unavoidable. In these situations, it is best to have an attorney by your side that could provide you with clear guidance and knowledgeable advice. Call our firm today.

Contact a Glendale short sale attorney if you are considering the possibility.