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Foreclosures / Short Sales

A Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender.  Foreclosure law provides the means for a mortgage lender to take possession and sell a home when the borrower has defaulted on the loan. In other terms, a foreclosure forces the sale of the asset used as the collateral for the loan.

If you are a Borrower facing foreclosure there are potentially better alternatives, which Murray Law Offices may be able to assist you in negotiating with your lender. In a foreclosure, the property is not only returned to the lender, but the foreclosure will follow you personally via credit and tax implications and possible judgments. Murray Law Offices can help in many ways -- from fighting the foreclosure in court, if merited, to negotiating with a bank to consider your loan modification application or assisting you with a short sale. Alternatively, negotiating a surrender of deed, in lieu of foreclosure, may succeed in getting the bank to waive its right to a deficiency judgment as part of the settlement.

If you are holding a mortgage with a borrower in default, Murray Law Offices can help you in the foreclosure process to regain the property mortgaged. While this can be a time-consuming and costly process, ultimately, if done properly, you should be able to recover the title to the property, as well as possession to enable you to resell the property to recover a bulk of your losses. You may also be able to seek and obtain a deficiency judgment for your excess unrecovered losses. Consult with one of our attorneys that handle foreclosures for an assessment of the potential cost and timetable.

BUYING FORECLOSURES

Buying foreclosures often appears to be an enticing opportunity. It is important to start this risky process with a knowledgeable realtor and attorney. Due to the risk involved, your first time making this type of purchase is not the time to be unfamiliar with the law. It is important to remember that real estate agents are not lawyers and foreclosure laws can change significantly from state to state. Foreclosed properties are sold as is with absolutely no recourse against the Master in Equity from whom you obtain title or anyone in the chain of title. It is important that you have done your physical inspections and know what you are getting physically, as well having an attorney do a comprehensive title search, so you're clear about the nature of the title you obtain.

Often we find when law firms handle foreclosures for larger lenders they had to be very competitive in bidding to get the work. Due to volume, often there are sacrifices in the quality of service, resulting in transactions with errors. Therefore, it is best to have the foreclosure documents carefully reviewed by your chosen attorney.  While it is true a title policy will protect you from most losses, you will not be protected from the aggravation of having to deal with a title issue that wasn't properly handled by the foreclosing law firm. As a buyer, you should call Murray Law Offices to make your purchase secure.

SHORT SALE

Short Sale is where the lender agrees to let a borrower sell the mortgaged property for an amount that will yield less than what it would take for the borrower to pay the full amount owed on the mortgage. A reason a lender may agree to a short sale is that by the time they pay the cost of a foreclosure process, take possession of the property, make the needed repairs, pay the cost to maintain the property, find a buyer, and pay realtor commissions, the lender ultimately winds up with the same amount or even less than foreclosing. Though lenders will not allow you to walk away with any of the proceeds, a seller can benefit if the lender agrees not to seek a deficiency judgment. A short sale, as well, is less problematic on your credit rating than a foreclosure.
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