By definition, a real estate agent provides expertise on the sale or purchase of real estate. However, if you need legal advice on your short sale, your agent may refer you to qualified Crystal Lake short sale lawyers. In fact, it’s against the law for a real estate agent, who isn’t an attorney, to give you legal advice.
Why You Need a Short Sale Attorney
When you file for a short sale, you are up against banks and financial institutions with top-notch lawyers. The bank has no interest in making your short sale easier for you. That’s why you need a lawyer too.
You file for a short sale to avoid further financial distress, but the legal terminology can seem overwhelming. If you are facing foreclosure, it’s time to talk to a knowledgeable attorney. To understand the short sale process, hire Crystal Lake short sale lawyers with the experience and reputation to win your case, and who can explain the process in plain language.
Making Sense of the Short Sale Agreement
The short sale agreement lists the conditions of your short sale with the bank. Legal wording can be tricky to fully comprehend. Before you sign it, ask your lawyer to look it over and make sure you understand what you are agreeing to.
Avoiding Deficiency Judgments
The difference between your unpaid mortgage and the short sale price is called a deficiency. Lenders sometimes file a deficiency judgment following the short sale to get back some of the money they lost. This can result in a salary garnishment, in which the bank takes payments directly out of your check.
By working with a firm of dedicated Crystal Lake short sale lawyers, you get the advice you need on whether to file for bankruptcy to avoid paying a deficiency judgment.
Sometimes, your lender refuses to approve a short sale and pursues foreclosure instead. A real estate attorney reviews your case to seek all avenues available to avoid a foreclosure. Resolutions include a restructured mortgage, payment plans, and other options.
The Jackson Abdalla Law Group provides knowledgeable real estate and short sale law advice to its clients in Crystal Lake and greater Chicago areas. Whether it’s the preparation and review of real estate contracts or complex short sales, this experienced law firm is dedicated to representing their clients’ interests.