Las Vegas Short Sale Legal Services
Short Sale Attorneys from Schwartz Law
When a homeowner owes more than the house is worth, the loan is referred to as being “upside-down.” A short sale (selling a property for less than is owed to the bank) may offer advantages to both owners and lenders. Sellers should be aware, however, that lenders do not always accept short sales and that the process can take longer than a conventional sale. Navigating a short sale is much easier with the assistance of an experienced real estate lawyer.
At The Schwartz Law Firm, in Las Vegas, Nevada, we help clients undertake and complete short sales. We help them understand why a short sale may be preferable to a foreclosure or a deed in lieu of foreclosure. Because our founding attorney is also a licensed real estate broker, our law firm is well positioned to guide people through the process.
How an Experienced Lawyer Can Help in a Short Sale
Our attorneys can provide the following services to a client seeking relief from a mortgage that is no longer affordable:
- Listing the home. We work with &Opportunities, Inc., a real estate brokerage owned by attorney Samuel Schwartz that focuses on negotiating short sales
- Negotiating a sale price acceptable to your lender or lenders, who must approve short sales
- Negotiating with secondary lenders and other stakeholders (holders of second mortgages, tax liens or legal judgments)
- Drafting the sales contract
- Reviewing the HUD-1 settlement statement
- Handling the closing
- Obtaining an approval letter from the lender or lenders approving the sale
In addition to managing the short sale process, our lawyers will draft hardship letters that lenders require to document the need for a short sale. Hardship letters are some of the proof that lenders like to see, which demonstrate that a borrower lacks the resources to pay the mortgage. We also represent clients in the foreclosure process that may have precipitated the short sale and prepare a package that includes all required documentation, such as pay stubs and other evidence of hardship.
