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WEST CHESTER, PA, November 06, 2022 /24-7PressRelease/ -- The real estate attorneys at Carosella & Associates negotiate contracts for sellers and buyers of short-sale properties. When a homeowner is facing the prospect of foreclosure, their lender may agree to sell the house for less than their remaining financial obligation on the loan, which is known as a short sale.
Although a short sale can help a homeowner avoid foreclosure and protect their credit, there are potential pitfalls. These types of real estate transactions are complex, and require the knowledge and experience of seasoned real estate lawyers. It is also important for clients buying short-sale properties to seek legal counsel to ensure their interests are protected.
"A short sale can be beneficial for a homeowner whose mortgage is underwater, but it's important to keep in mind that they may not be let totally off the hook once the house is sold. Lenders may seek a deficiency judgment, which leaves the homeowner liable for the balance of the mortgage debt," says Vincent Carosella, Jr., founding Partner. "Short sale contracts are complex. If you're unfamiliar with how the process works, you may not even realize that you'll still owe this balance until after the transaction is completed. Our real estate lawyers may be able to negotiate a waiver of the deficiency or settle the deficiency for a lesser amount. Conversely, if you're considering buying a short sale, an attorney can help you do your homework on the property and ensure the terms of any contract protect your interests."
In cases where a deficiency judgment cannot be avoided, filing bankruptcy can be an option to eliminate it. The bankruptcy attorneys at Carosella & Associates can provide advice on whether this may be a practical alternative.
Their real estate attorneys and contract lawyers work collaboratively to help clients find creative legal solutions to suit their specific circumstances. Regardless of whether a client is buying or selling a short-sale property, having experienced attorneys review and negotiate contracts and assist with processes and procedures can help the short-sale process run more smoothly.
For more than 25 years, the skilled team of attorneys, paralegals, firm administrators, administrative assistants, and legal secretaries at Carosella & Associates has provided top-quality legal representation for matters in myriad aspects of the law. The full-service law firm has decades of experience in many different areas, including estate planning, business succession planning, commercial and residential real estate, zoning, contracts, bankruptcy, immigration, divorce, and criminal law. Several of the attorneys at Carosella & Associates are licensed to practice law in both Pennsylvania and New Jersey. For more information visit carosella.com.
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