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Real Estate
Short Sales
In response to these difficult times, HLA has devoted an important part of its practice to assisting homeowners in distress. |
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Given today’s real estate market, selling a property short is
sometimes the best option available to homeowners. As everyone
knows by now, the lender’s approval of the short sale is
required, and there are many things that can complicate the
process:
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Some lenders are very reluctant to approve short sales; |
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Some lenders have onerous requirements regarding
disclosure of financial information; |
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Some lenders want the owner(s) to be responsible for the
deficiency; |
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Some homeowners associations will not approve the
potential purchaser; |
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Some second lien holders refuse to sign off on the short
sale; |
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Buyers get frustrated and withdraw their offer; |
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Etcetera, etcetera, etcetera |
There are many things that can go wrong during the process of a
short sale and, more often than not, something does go wrong.
This is a reality that real estate agents understand, which is
why many realtors refuse to do short sales. Unfortunately for
the whole country, this dilemma keeps the real estate market
from recovering.
HLA believes the best way to get the economy and personal
finances back on track is to work through this mortgage crisis
as quickly as possible. The only way to do that is through loan
modification and/or short sales (occasionally, deed-in-lieu),
which we collectively refer to as “loss mitigation.”
For this reason, our firm is committed to providing short sale
facilitation services at no cost (or very low cost) to clients
and realtors. We have a loss mitigation department with
personnel who are experts at dealing with the problems that
arise during a short sale and who are dedicated full-time to
resolving those problems.
Our proposal is as follows:
Pre-Foreclosure Properties
If there is no lawsuit involved, we will provide short sale
facilitation at no charge as long as the following conditions
are met:
Properties in Foreclosure
Experience has taught us that foreclosure defense absolutely
indispensable in order to effectuate a short sale after
foreclosure proceedings have begun.
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| Quick Facts |
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The
right solution to a
distressed property
problem depends upon the
objectives and
circumstances of the
individual. There is no
"one size fits all."
HLA provides free short
sale facilitation to
clients who select HLA
for their closing.
HLA does foreclosure
defense and loan
modification as a
third-party service
provider to other law
firms.
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