Shelton Short Sales Lawyer

When someone loses their job, faces insurmountablemedical bills, or is dealing with other forms of debt, it is a challenge to stay on top of mortgage payments. Many of these individuals end up facingforeclosure. In many cases, selling yourhome is a smarter choicethan leaving it to a foreclosure. Attorney Tim Pletter offers support and guidance as a Shelton short sales lawyer to help you with this decision.

When the real estate market is at a low, many end up owing more on their house than what theirhouse is actually worth. This is referred to as being “upside-down” on yourmortgage,with your property being considered “underwater.” When you are upside-down on your mortgage, it is nearly impossible to cover the rest of what is owed on the mortgage off the sale of the house alone.

When your home is underwater, speak with the attorney team at Ambrogio, Pletter & Associates, LLC. We pride ourselves on being adept at both real estate and foreclosure law and are ready to offer your family the support and knowledge necessary to navigate thecomplex legal process.

Defining a Short Sale in Shelton, Connecticut

A short sale occurswhen a homeowner sells their property for less than the amount owed on the mortgage. Doing so requires the lender’s approval. The lender agrees to accept the proceeds of the sale as full or partial repayment of the loan. Many residentsin Connecticut are currently underwater on their mortgage payments and owe more on their mortgagethan thehouse is worth.

To avoid foreclosure or bankruptcy, consider the benefits of a short sale.

Many lenders will consider a short sale when homeowners can no longer afford their homes permitting the homeowner to sell the property for less than the mortgage balance owed, accepting the proceeds as payment and potentially forgiving the remaining debt.

When you choose a short sale over a traditional foreclosure, you won’t have to wait as long before you are able to buy another home. Keep in mind that while both short sales and foreclosureswill negatively impact your credit score, a foreclosure will remain on your score for much longer. Foreclosure may also result in a deficiency judgement against you.Since short sales are voluntary, you have more control in the process.

The process of a short sale begins with hiring the right real estate agent, finding a buyer, and submitting an application to the bank. When the lender approves the short sale, the transaction can close. The sooner you and your attorney begin working on a short sale plan, the better prepared you will be for the process.

At Ambrogio, Pletter & Associates, LLC, we can address your short sale with legal knowledge and an acuteattention to detail to ensure the process goes as smoothly and quickly as possible.

Advantages of a Connecticut Short Sale

There are several benefitsto a Connecticut short sale.Speak with Attorney Tim Pletter to review these benefits andensure this legal option is the right one for you. The team at Ambrogio, Pletter & Associates, LLC, is fully capable of helping you make the right choice when pursuing a short sale.

The advantages of a short sale in Connecticutmay include:

• Helping you get rid of your over-mortgaged house
• Assisting you in avoiding foreclosure
• Eliminating high mortgage payments
• Allowing you to settle your mortgage debt with your lender
• Obtaining assistance with relocation
• Allowing you to avoid paying closing costs or realtor commissions
• Reducing theimpacton your credit score
• Avoiding a deficiency judgment

FAQs

Speak With a Trusted Real Estate and Foreclosure Lawyer Today

If you are facing an over-mortgaged house or find yourself underwater on your mortgage, the team at Ambrogio, Pletter & Associates, LLC is here to help. Contact our offices today and letus review your case anddetermine if a short sale is the right option for you.