FORECLOSURE
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At Deeb Law Firm, we are ready to assist and represent mortgage owners being faced with foreclosure, the legal process when a mortgagee's right to redeem a mortgage is taken away, usually because of failing to make payments. Our accomplished attorneys are experienced with foreclosure defense to help the mortgage owner resolve their property disputes.

Contact us for a free consultation.
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SHORT SALES
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The country's real estate market is in a state of continual stagnancy. The currently declining economy has been the cause of frequent unemployment and the reduction of income; consequently, property is being sold at lower prices to a seemingly empty lot of buyers. Although property today is being sold at such exceptionally low prices, loan lenders maintain their usual mortgage rates, while homeowners begin to recognize that their mortgage balances are actually higher than their property value. Thus, homeowners now face foreclosure more often than not – 2007 brought a total of 2.2 million new foreclosure filings in the country, nearly 80 percent more than the previous year's records, ABC News reports. In response to the market's current state, homeowners facing foreclosure have turned to a simpler, more beneficial solution to their property dilemmas: short sales. In addition to the foreclosure lawsuit, property owners should seek a short sale of the property before the foreclosure sale takes place. A short sale, also called a short payoff, occurs when a mortgage lender, usually a bank, accepts less than the remaining mortgage amount due as an alternative to paying off the full outstanding amount of the loan because the homeowner is unable to sell and pay all costs of a foreclosure sale .

Although the procedure to complete a short sale is complicated and time-consuming, a short sale benefits the property owner along with both the lender and the buyer. The property owner may not make money off the sale of their home, but they do escape the remaining loan payments and also reduce the extent of the damage made to their credit (although a short sale still harms one's credit score). Second, because a lender is not truly in the business of managing real estate, lenders in fact prefer short sales. Through a short sale, lenders avoid foreclosure and maintenance fees and still receive a substantial percentage of the remaining loan dues. Lastly, a buyer too benefits from a short sale due to the evidently lower selling price of the property.

The process of completing a short sale requires much communication with the mortgage lender detailing the reasons the mortgage cannot be completely paid, for example; therefore it is necessary to hire an attorney. During the short sale process, an attorney has the ability to draft explanations that will protect the homeowner. An attorney will also have the networking capabilities of finding a realtor willing to sell the property owner's home a reduced rate. The presence of an attorney throughout the short sale will provide legal guidance and security, resultantly making the short sale transaction as smooth and as simple as possible for the property owner.

Here at the Deeb Law Firm, we are dedicated to representing the seller throughout the short sale process by providing access to a team of realtors, mortgage lenders and certified public accountants.