Foreclosure Prevention and Short Sales

Stop Banks From Foreclosing Your Home

Raccio Law, LLC offers legal advice and representation aimed at solving problems associated with high cost loans, mortgage defaults and foreclosure actions. The short sale process is one that is often used by homeowners who are trying to avoid foreclosure.

• Short sales are an option some homeowners use when the bank, credit union or other type of lender they have borrowed from provides them with the option of selling their home to a third party at a price much lower than what they owe on their home loan. 
  
• Receiving approval from the lender to short sell allows the homeowner the opportunity to sell their property at a significantly lower price. 
  
• A short sale is generally considered a settled debt and does not affect an individual’s credit to the same extent as a foreclosure. 

People May Face Foreclosure for Many Reasons

• Non-payment of mortgage
• Need to immediately relocate
• Extreme changes in life situations including: lob loss, death in family, divorce, illness 

In most cases, even if a bank can sell the property, the borrower may need to pay for any difference between the remaining loan balance and the sale price of the property at foreclosure, depending on the mortgage terms and state law. It is important for homeowners to compare short sales and foreclosures to ensure they are making the right decision.