Top 10 Questions to Talk Over with Your Attorney
When a homeowner finds themselves in a situation that might result best in a short sale, it’s important for them to understand their options as a homeowner when their property is in or heading toward default. They should be asking:
1. What is a better or more likely outcome for me and why?
- A short sale or a repayment plan?
- A short sale or a forbearance plan?
- A short sale or a loan modification?
- In the case of an FHA loan, a short sale or a partial claim?
- A short sale or a short sale/assumption agreement?
- A short sale or a deed-in-lieu of foreclosure?
- A short sale or a bankruptcy?
2. How do I know if my property and I may be considered for a short sale?
3. How would I initiate the short sale process?
4. Which process has a more adverse effect on my credit rating: short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure?
5. What types of hardships would a lender generally consider favorable toward my appeal for short sale consideration?
6. On average, how long does a short sale process take?
7. What are the tax implications of a short sale?
8. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?
9. Is there a real estate commission paid in a short sale? If so, who pays it?
10. When is a bankruptcy preferable to a short sale or to a foreclosure?
Labels: deed in lieu of foreclosure, forbearance plan, Georgia, loan modifications, repayment plan, short sales, what homewoners need to ask
# posted by
Brian Vanderhoff @ 8:38 PM
