Today more than ever it is crucial not just to understand the ways in which the legal and real estate professions overlap but necessary to have a more complex understanding. In this continued Pandemic Era, real estate agents and attorneys benefit from having a better understanding of how the other profession works and how to effectively communicate with each other. The importance of these two professions interacting in a meaningful way is highlighted in the world of foreclosure and distressed properties.Foreclosure Alternatives & Loss Mitigation
Many may feel hopeless once the word “foreclosure” is brought up. However, just because an individual is facing foreclosure does not mean final judgment of foreclosure is the only option. Individuals who are in pre-foreclosure, defending a foreclosure action, or even post-final judgment, may still avoid a foreclosure judgment on their record by engaging in loss mitigation or other foreclosure alternatives including both retention and non-retention options.
Individuals who wish to remain in the property (retention) and avoid foreclosure may choose to submit a loan modification application, pay off the property in full or at a discounted rate, or reinstate (make current) the loan. For those persons seeking to unload the property, they may request review for a deed-in-lieu, short sale or regular sale to determine which would be suitable under the circumstances.The Short Sale Process
A short sale is a sale of the property for less than the amount owed on the loan. This provides borrowers who do not want to or cannot afford to retain the property an option to sell the property and avoid foreclosure. It is also a terrific opportunity for buyers to purchase properties they may not otherwise afford. However, it is important to note, buyers purchase these properties “as is” and the short sale process can be lengthy.
As a Real Estate Agent, it is important to understand how short sales work and help guide your clients through the process. Mastering the short sale process can enable you to target a niche in the market.What Real Estate Agents Should Know When Representing Sellers
The foreclosure defense lawyers at Scarnecchia Mullin, PLLC can help counsel you and your clients in the complex world of foreclosure. After working for the banks and servicers for nearly a decade, our attorneys understand how to best navigate the foreclosure world and successfully guide our clients in meeting their financial obligations and avoiding foreclosure. Our Attorney’s understand how Real Estate Agents and foreclosure defense attorneys working together can best achieve these goals. Contact us today to set up a consultation and allow our foreclosure experts to review your case and counsel you on your options.