CONNECTICUT REAL ESTATE SHORT SALES

Do you want to sell your property, but owe more than its worth? Maybe like so many of us, you purchased your Connecticut home or Connecticut property in the height of the Connecticut real estate market and now you feel you can't sell without depleting your bank account. Maybe you borrowed funds against your home in the early 2000's and now you are faced with the market depreciation that has plagued us all. So many have lost jobs or have been faced with any number of other hardships, such as divorce or illness. You should know that help is available and we are here for you.  

When the debt encumbering your Property, in addition to the closing costs, exceeds the amount of the sales price to which you can receive for your property, the transaction is typically referred to as a "short sale". Essentially, the term describes the lenders or lien holders agreement to accept payments “short” of that which is owed to them under the mortgage or lien. Short sales are not strictly limited to a single mortgage and can include multiple mortgages and property liens. There are numerous liens that can effect your property. These can include, but are not limited to federal and state tax liens, judgment liens, and department of social service liens. Whether you have a single mortgage, multiple mortgages, property liens, or a combination of any or all, you can still attempt to conduct a short sale. The concept remains the same. The purpose of a short sale is for you to sell your property, despite its value as it compares to the mortgages and/or liens that may be levied against it. The ultimate goal is to either fully satisfy those debts by engaging in the short sale workout, or reduce them, while alleviating the monthly obligations that can follow property ownership.

The US Government had previously enacted the Home Affordable Foreclosure Alternatives ("HAFA") Program that provided assistance to certain homeowner's in this type of situation. The HAFA program made it easier for certain qualified homeowners to complete a short sale. It even provided for cash incentives up to $10,000.00 to the homeowner from the short sale proceeds. However, any qualified homeowner that wished to participate in the HAFA program, needed to submit a full short sale application to their Lenders before the end of 2016. The expiration of the HAFA program will have the effect of making short sales difficult once again.     

Our attorney's have been assisting Connecticut home owners with short sales before that term was widely known or accepted and years before the HAFA program's existence, let alone its expiration. We are the leaders in this practice area and are the people whom the industry and experts come to for advice. We have accomplished transactions that at first, second and third glance would seem impossible. We have provided people with new beginnings, without the need or stigma of filing Bankruptcy. We are the referral in this practice area for many Connecticut Attorneys and Title Companies. 

Call us now for a free consultation. Even if you have previously tried to obtain a short sale or modification and were denied or left without answers. Let us help you acheive the fresh start you want. We can help.