Short Sale And Foreclosure In Hamilton, Oh: Details And Concerns That Can Be Avoided

May, 2015 byadmin

Some Ohio citizens may be in a situation where they know they will be unable to pay their mortgage in a few months. They see the writing on the wall. They are maxing out credit cards to pay the mortgage. They are not in a situation where they are paying the mortgage late. People in this situation may be a few months away from not paying the mortgage altogether, simply because they no longer have a choice.

A person on the cusp of a Foreclosure in Hamilton OH may want to be proactive in selling their property. They understand that they might be upside down, and the refinancing will be rejected for a number of reasons. They may want to do a short sale.

There is an infuriating reality about short sales. The up-and-down real estate market has caused many people to be upside down in their home by a large margin. A short sale will attempt to close on the property for an amount relative to what the home is appraised for. For example, a person may have a home worth $100,000 that they owe $200,000 on. If they can get what it’s worth (in this case $100,000), the bank will get their full payment for the appraised value- known as a short sale.

The reality mentioned above is that the bank must approve the short sale. The woman paying the mortgage on time but knowing that this will not last much longer may be denied for a short sale. The bank only sees that payments are coming through. Why would they approve the short sale if they know the mortgage is being paid for?

It may be time to speak with a real estate attorney. A family may want to act now to avoid a potential disaster, and they do not want to be denied a short sale by a bank just because they are doing the responsible thing. Contact Dean Snyder Attorney At Law to get all the individualized details about avoiding foreclosure in Hamilton, OH, getting through bankruptcy, and finding the light at the end of the tunnel. When working with an attorney, it is possible to get through a bankruptcy with as little harm done as possible. While bankruptcy will always creates substantial change in one’s life, it does not always have to be for the worst.