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Short sale attorneys help homeowners and creditors agree on the terms of a sale where the lender allows the homeowner to sell the property for less than the mortgage balance. They must have a college degree and law school education, and specialize in real estate law. Lenders and homeowners hire short sale attorneys to represent their interests during the process, and lawyers ensure that the short sale agreement does not include any stipulations that give the lender the right to circumvent non-recourse laws.
Any real estate attorney who helps homeowners and creditors agree on the terms of a short sale is known as a short sale attorney. Short sales occur when a lender agrees to allow a homeowner to sell a property for less than the mortgage balance. Typically, short sales occur in locations where depreciating house prices mean that mortgage debts exceed current property values.
A short sales attorney must graduate from college or university before attending law school. Having successfully graduated from law school, a prospective short sales attorney must pass the exam to become a lawyer. Most short sale attorneys begin by focusing on real estate related cases before specializing in short sale transactions. Law firms that handle real estate cases hire large numbers of law school graduates. Established real estate attorneys often leave large law firms and open their own private law firms.
Lenders hire lawyers to draw up short sale contracts that specify the terms of the sale. Laws relating to real estate transactions vary from country to country, and even between states and territories within a specific nation. Consequently, major banks hire teams of short sale lawyers who are familiar with the laws in all areas in which the bank operates. Lawyers are typically paid a flat fee for consulting and preparing the documents necessary to complete a short sale.
Homeowners hire short sales attorneys to represent their interests during the short sale process. Lawyers representing the owner ensure that all terms and conditions of the short sale contract are thoroughly explained to the owner before the sale takes place. Lawyers representing the homeowner and creditor try to negotiate the best possible terms for their clients and, in some cases, decline sales when agreement cannot be reached.
In some areas, lenders can pursue borrowers for the remainder of the mortgage debt after the short sale has been foreclosed, while in other places laws of non-recourse mean that a lender cannot pursue a borrower for any portion of the debt that is not paid. as a result. of a short sale. Lawyers representing borrowers in areas with non-recourse laws ensure that the short sale agreement does not include any stipulations that give the lender the right to circumvent non-recourse laws. Most lenders and landlords hire a short sales attorney before the sale takes place, but sometimes attorneys are hired only after a short sale occurs as a result of a disagreement between the parties involved.
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