Q: Hi I need to know if a short sale or give house back to keep from foreclosure do I need a lawyer or realtor
A: You need to initiate a "request for loss mitigation" by calling the mortgage company and requesting it. You will need to fill out an application and provide hardship information. You will be given a choice of solutions at the end of the application. Once of those is for a short sale and another for a deed in lieu of foreclosure. Submit the packet and all requested documentation ASAP. At the same time this is going on, locate a realtor with experience in short sales. There are very few short sales now because the value of real estate went way up since 2020. You may not have to do a short sale, a sale for market value may pay off the mortgage and the costs of sale plus get you some money to help you get a new place to live. In my experience, you only need an attorney if the process drags out a long time and an actual foreclosure action is filed against you. If you start the loss mitigation process before you get too far behind, no foreclosure case will be filed. If you are served with legal papers, contact an attorney. Keep very good notes of what you are told by the mortgage company - date and time of the call, who you spoke to and what they said for every call during the process. Keep a copy of your loss mitigation packet. Mail it in by certified mail and keep the tracking number. Keep all letters you receive from the mortgage company.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.