Updated: Apr 20
Do you owe more than what your home is worth? Do you have a financial hardship resulting in your inability to pay your mortgage on time or are you facing a foreclosure? You may qualify for a short sale. A short sale is when your lender accepts less than the amount due and owing to them. An experience foreclosure defense attorney can negotiate with your lender to allow you to sell your house for less than what is owed and negotiate any deficiency judgment (the difference between the amount paid to your lender versus what they were owed), since as the Seller you will be responsible for all outstanding liens and closing costs associated with the sale.
So many homes lost a tremendous amount of equity during the housing crisis. Many borrowers obtained second mortgages and/or lines of credit. Some borrowers obtained adjustable rate mortgages and when their interest changed, their monthly payment increased, making their new monthly payment unaffordable. If you are behind on your mortgage payments and have suffered some sort of financial hardship, you may qualify for a short sale.
A licensed real estate agent or Realtor, like Eleni, will be able to create a Comparative Market Analysis (“CMA”) to determine the value of your home based on recent sales and the condition of your home. Keep in mind that any prospective buyer will not pay more than the house’s current market value. A title report, lien search and preliminary HUD will outline all of the parties to be paid at closing.
Once the short sale is completed, the foreclosure action is dismissed. A short sale may be an attractive option since it allows you to sell their house, explore a more affordable option and start over without a foreclosure judgment on the credit.
If you have been served with a Summons and Foreclosure Complaint, it is critical that you respond to the Foreclosure Complaint within 20 days from the date you were served otherwise the bank can move for a default judgment against you and later sell your property at auction. It is critical to speak with an experienced foreclosure defense attorney, to discuss all of your options. An important part of foreclosure defense is discussing the foreclosure alternatives available with an experienced foreclosure defense attorney. Eleni offers a complimentary 30-minute telephone consultation to explore all of your loss mitigation options.
About the Law Office of Eleni Noble Zarbalas, PA
The Law Office of Eleni Noble Zarbalas was formed in 2009 by Eleni Noble Zarbalas, Esq., who has been practicing law for 16 years. Eleni is a Real Estate Attorney, licensed Realtor and Title Agent. Eleni has represented hundreds of homeowners in foreclosure defense, loan modifications, shorts sales and deed-in-lieu of foreclosure. Whether you are facing foreclosure or buying or selling commercial or residential real estate, we can give you experienced tailored legal representation.
Throughout the entirety of her career, Mrs. Noble Zarbalas has handled all aspects of residential and commercial real estate transactions including contract drafting, review and examination of title work, curing title defects, extensive interaction with buyers, sellers, real estate agents, mortgage brokers and lenders for the coordination of all closing matters. As both a transactional and litigation attorney, Eleni leverages her knowledge of the banking industry and drafts agreements in anticipation of litigation, mitigating risk while achieving the most favorable business terms possible for her clients.