A Short Sale Lawyer in Kansas
Doing a Short Sale in Kansas
When a property owner finds themselves upside down on their home, this means that they owe more than the property is worth. In brief this means that if you bought your home for $250,000 and owe $200,000 to the bank you cannot sell the home for enough to cover the bank loan plus selling costs. This leaves a person with several alternatives:
- If the difference is not that large and one can continue to make payments then one can continue under the current loan
- If the difference is huge or if one cannot make payments then often the choice is to either abandon the home or to wait for foreclosure and a sheriff eviction
- A third alternative is to work with the bank to negotiate an amount that they will accept as payment in full, which is less than the amount owed, then the home is sold, the bank is paid and you are released from that obligation.
The reason it is called a "short sale" is that the amount received falls short of the amount owed. A fourth alternative is to work with the bank on a loan modification but this does not always make sense particularly if the property is worth considerably less than what you owe. In addition loan modifications can be extremely difficult to process and are often for limited periods of time which does not present a permanent solution for your housing or financial problems. Much depends as well upon the terms of your loan agreements and purchase contracts and so a consultation with our Kansas attorney familiar with all aspects of short sales is time well spent.
At Rick Hodge, Attorney at Law, we are certified in many areas of the law as well as financial accreditation. Our focus for the past 14 years has been upon resolving financial situations for Kansas residents. We are experienced in all phases of real estate and banking transactions as they might affect you and can assist you to obtain a workable solution to problems such as being upside down in your home.
A short sale is one way to resolve the problem and has proven effective for hundreds of homeowners in Kansas. There are legal and financial ramifications to how such a transaction is handled. Banks can be very difficult and slow to deal with especially when it involves settling an account for less than is owed. In cases such as this legal representation usually makes a significant difference in the outcome of the request. We can help you with your short sale or other alternative.
Contact a Kansas bankruptcy Attorney
from our firm for advice with your short sale or related needs.