Three Reasons Why You Should Hire a Law Firm to Negotiate a Successful Short Sale

for-sale-house-300x236 By Omar J. Arcia, Esq.
Foreclosure Defense and Consumer Protection Attorney

 

Recently our law firm has been retained by numerous clients who are being sued by their former lender after completing a short sale of their homes. They received what is called a deficiency judgment action. In other words, the lender (or some third party that purchased the debt) sued the homeowner for the difference between the amount owed under the loan and the amount of the short sale. In every one of these cases, the homeowner was not represented by an attorney during the short sale process, but instead, chose to handle it themselves, or to allow a realtor to manage the entire process. Most realtors, however, are solely interested in “closing the deal” and receiving their commission, not in the most complete and favorable outcome for the seller/homeowner. Even though a realtor must be involved in listing the property and securing a purchaser, here are at least three reasons why you should hire a law firm to negotiate a successful short sale.

 

Avoid The Dreaded Deficiency Judgment. The principal reason to hire a law firm to handle a short sale is to avoid any deficiency judgment action by your lender after the short sale is completed. A qualified law firm, like the Arcia Law Firm, regularly negotiates “deficiency waivers” with lenders, and demands that the proper language and releases be included in the short sale approval letter in order to ensure that our clients do not have to contend with the costly defense of a deficiency action, collection hassles or have to file bankruptcy in the future.

 

Lenders Negotiate Differently With a Law Firm. It is no secret that lenders behave differently when a law firm is involved in the short sale negotiation than when dealing with a realtor. An attorney understands the law and its implications for his/her client, and will not accept as true any unwritten promises by the lender’s short sale negotiator. The end result of a short sale negotiation using a law firm is that the terms of the deal are clearly outlined with no room for the lender to later change the terms.

 

Quickly Identify and Clear Title Defects. The short sale process may be stalled or blocked altogether if issues arise with title defects on the property being sold. The Arcia Law Firm can quickly identify any title issues delaying a short sale, order a lien search, and clear any title defects in order to complete most short sales. Our law firm also closely supervises the actual closing in order to ensure that our clients’ rights are fully protected from start to finish during the short sale process.

 

   The Arcia Law Firm is privileged to represent dozens of satisfied clients in our community for whom we have successfully short sales. More detailed explanations of different options available to homeowners, including short sale information, are discussed in an instructional DVD developed by the Arcia Law Firm entitled “Fight For Your Home.” If you mention that you heard about the DVD through this blog post you will receive a FREE copy during your visit to discuss your case in detail with a member of our legal team. You may contact the Arcia Law Firm at 954-437-9066 to schedule your free personal consultation with Omar Arcia to discuss your case. You may also visit www.arcialawfirm.com for more information about the Firm, our staff and credentials, detailed articles, informative videos, and to make your appointment online.

 

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.