Skilled Legal Assistance for Virginia Short Sales
If you are involved in a short sale of property in Virginia, the Fredericksburg real estate law firm of James W. Hilldrup, PLC can provide you with a steady hand in guiding you through the process. Among the leading real estate attorneys in Virginia, the Hilldrup law firm has the knowledge and experience in real estate to help bring you the greatest amount of benefits obtainable from a short sale while helping to minimize any downsides from the process.
Your Definitive Resource for Short Sales in Virginia
A "short sale" occurs when a lender agrees to accept less than the full mortgage loan amount owed by a property owner, who in turn sells the property at less than the loan amount. Short sales must be approved by the lender, but parties often agree to them in order to avoid the possibility of foreclosure which can be a lengthy and expensive process. Lenders will sometimes wish to minimize their losses with a short sale, while borrowers use it to minimize the damage to their credit rating that a foreclosure would bring.
Let James W. Hilldrup, PLC provide you with a real estate lawyer to help you navigate short sales anywhere throughout the state. We can assist with various legal issues which often present themselves during short sales such as:
- Multiple Lender Permissions – The loan lender must usually give consent to go forward with a short sale. However, things can get more complex if more than one lender is involved. Each lender must agree on a short sale. Let one of our real estate attorneys negotiate on your behalf to obtain agreement from all interested parties.
- Deficiency Lawsuits – Even though mortgage lenders can agree to a short sale, they may still be entitled to sue for any outstanding amounts owed on the loan after the sale. They can also report short sales as a deficiency which can harm a borrower's credit rating. Pre-sale agreements can prevent or resolve the issues of deficiency lawsuits and credit concerns. Our experienced real estate legal team can help you avoid unpleasant surprises after the short sale of a property.
- Tax Liabilities – Any amount of the outstanding loan that is forgiven by a lender in a short sale can be considered income to the borrower. This can potentially trigger tax liabilities. Our legal professionals can help you assess all financial results stemming from the sale of the property.
The law firm of James W. Hilldrup, PLC can assist you in negotiating with lenders, preparing all relevant forms, assisting agents, vetting contracts and handling all matters through the closing of your property sale. Let our experience with Fredericksburg real estate closings work for you during your short sale. If your property ends up not closing, you will not be charged for any attorney's fees.
Contact Real Estate Attorneys in Fredericksburg, Virginia Today
If you are involved in or considering a short sale of property, contact our offices today. James W. Hilldrup, PLC can provide you with the kind of effective counseling and legal assistance that has established us as a leader among Fredericksburg real estate law firms.