Short Sale Transactions in Massachusetts
The housing market has sustained profound damage in recent years. A complete recovery appears to be a number of years away. More than ever, homeowners who are "underwater" on their mortgage are trying to sell their home in a short sale transaction.
A short sale happens when a homeowner sells their property without the hope of receiving sufficient funds to pay the holder of their mortgage in full, leaving them “short.” These short sales make up an increasing percentage of home sales in Massachusetts and throughout the United States. If you are attempting to sell your home in a short sale transaction, it is imperative to seek out experienced legal counsel.
Experienced Real Estate Attorneys Serving the Taunton Area
In Massachusetts, the attorneys at Percy Law Group, PC, are recognized leaders in short sales. Our short sale transaction lawyers close hundreds of these transactions annually. We have substantial knowledge of and experience with all aspects of the short sale process. We will take great care to conduct your short sale quickly and efficiently. You, as the seller, do not pay our legal fees out of pocket. Our fees are only paid from the closing proceeds, as permitted by the seller's current mortgage holder. Mortgage lenders routinely agree to this.
It is very likely that your real estate broker has already worked with us on a short sale. Attorney Thomas Percy regularly presents seminars on short sale transactions to real estate brokers throughout Massachusetts, including on the new federal HAFA program. Contact our firm today to arrange a free initial consultation. We will stay focused on your case, your needs and your results. That is our promise to you.
Short Sale House Lawyers with Experience and Skill
Short sales can become complicated due to the fact that mortgage lenders have created layer upon layer of bureaucracy. Despite these complications, the majority of short sale transactions do in fact close. One key factor in facilitating this important transaction is by working with experienced legal counsel. We will help you overcome all obstacles in the way of consummating this transaction.
Standard Short Sale Closings Not Involving HAFA
Our real estate law team has been extremely effective at getting short sales approved so that our seller clients can move on with their lives. We perform the following services:
- Once the offer is signed by all parties and buyer mortgage pre-approval is given we will meet in person or via telephone with the seller to discuss the process;
- We complete a title search;
- We will review and negotiate the purchase and sale agreement;
- Apply for and receive the short sale application package;
- Meet in person or via telephone to complete and file the application package;
- Continuously contact the seller's mortgage lender to aggressively pursue successful completion of the short sale application;
- Keep you (and your broker) informed of the application status;
- Discuss the mortgage lender's response and seller's legal options;
- Represent the seller in preclosing preparation matters;
- Work with you and the closing attorney preparing for a smooth closing;
- Coordinate all our efforts with the broker, buyer's attorney and closing attorney;
- Attend the real estate closing.
Specifics of any transaction will vary. We will tailor our representation to meet your specific needs.
Home Affordable Foreclosure Alternatives Program (HAFA)
The Home Affordable Foreclosure Alternatives (HAFA) Program provides homeowners with options to avoid costly foreclosures and offers incentives to borrowers, lenders/servicers and investors who utilize a short sale or deed-in-lieu of foreclosure (DIL) to avoid foreclosures. One main benefit of HAFA is that when your short sale is approved, your first mortgage holder will forgive all the mortgage debt you do not pay back. Under HAFA, the seller's mortgage lender allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. HAFA simplifies and streamlines the short sale and DIL process by providing a standard application and approval process, minimum performance time frames and standard documentation.
Contact Percy Law Group, PC
Although our main office is located in Taunton, we have offices across Eastern Massachusetts. Call (508) 206-9900 or complete our contact form to schedule your free initial consultation. We have staff members who speak Spanish and Portuguese.