A Short Sale is when the mortgage holder allows you to sell the property for less than you owe on the mortgage. Not every bank will allow short sales.
Michaela works with Attorney Michelle Adams who specializes in helping sellers with short sale transactions. Attorney Adams will handle necessary paperwork and let the bank know that she is representing you on a potential short sale. She will inform the bank that they should cease further foreclosure proceedings.
While Michaela M Hellman works to get offers on your property, Attorney Adams handles all negotiations with the lenders, keeps you informed regarding progress with any/all offers, and also stays in contact with me, your Listing Agent throughout the transaction.
Selling your home in a short sale can sound like a 'get out of jail free' card, but it isnt. Your credit will be negatively affected for some time. Without Attorney Adam's expert guidance and representation, you could land up with a short sale and subsequently being forced into bankruptcy on top of that! You must have the best, specialized representation in order to preserve and protect as much of your financial status as you possible.
Attorney Adams uses the following analogy to understand the ramifications of a short sale vs. your other options. Selling your home short is like getting hit by a car - you will suffer some injuries, but you will walk away from it. Going into bankruptcy is like getting hit by a bus - the injury is more severe, but you will survive. Foreclosure is like getting hit by a train - there are no survivors. A short sale will appear as a settlement and will stay on your credit report for up to 7 years, but normally you can apply for a new mortgage in 1-3 years.
Short Sale Process
Find out if you can avoid foreclosure with a short sale. Click here to email an appointment request to Michaela or call her at (617) 259-5630 so she can meet with you to determine how much your home can currently be sold for.