Minnesota Short Sale Attorney

How a Short Sale Works

In these tough economic times, good people frequently look for a way to avoid bankruptcy or home foreclosure. With the knowledgeable assistance of an experienced Minnesota bankruptcy lawyer from Heimerl & Hammers, the answer to your home mortgage problems may be a short sale.

In a short sale, you and your lender reach an agreement to sell your home for a smaller sum than you currently owe on your home loan. As opposed to a foreclosure, an action enforced by a lender, a short sale is something that both parties have worked out together as the best economic solution to a debt problem. Your lender can lessen the financial losses from non-payment of a mortgage or foreclosure, while you may minimize damage to your credit rating and maintain some control of the debt that you owe. Commonly, short sales are accomplished faster and are less expensive that a foreclosure, making them attractive to you and your lender.

Once an agreement has been reached, the proceeds from the short sale are given to the lender in full. For some, their home loan debt will be fully discharged. For others, there can still be a deficient balance which is owed to the lender. With many years of successful experience behind us, this is one of the areas where we strive to obtain the best possible outcome for your individual short sale situation. If a deficiency cannot be avoided, there are many options available to resolve the final debt that you owe.

Getting Through a Short Sale

At times, lenders can be unwilling to see a short sale as a viable financial solution. In these situations, our experience may prove the difference in convincing your lender of the need for a short sale. If there are 2nd mortgages or liens involved with your home, it can make the short sale process more difficult but a seasoned attorney knows how to resolve these issues.

If, after consulting with us, it appears that a short sale is not the best for you, we can help you to understand other solutions such as bankruptcy, loan modification, debt negotiation and others. We are here to assist you through your financial situation, no matter what that is.

If your mortgage payments seem unmanageable, contact a Minnesota short sale attorney for solutions.