Cape May, New Jersey, Short Sale Lawyer

Legal Help Negotiating Approval of a Short Sale with Your Bank

Many homeowners in South Jersey have found themselves facing a financial challenge — and possible real estate foreclosure — when the amount owing on their home mortgages exceeds the value of their property.

While it's best to wait on a home sale until a more favorable market you may need to sell your home now for financial or job reasons. If this is the situation in which you find yourself, you will be asking the bank to consider a "short sale." A short sale is an arrangement with the lender in which you sell your home for less than the amount remaining on the mortgage and the proceeds of the sale all go to the lender.

Experienced in Negotiating with Banks

The real estate attorneys at Barry Corrado Grassi & Gibson have decades of experience working with the real estate market in Cape May and Atlantic County, New Jersey. We understand how banks work. We speak their language, we know how to find the best people to deal with and we know how to explain why the short sale is in their best interest.

When you need a strong, effective negotiator to get the job done, contact a real estate lawyer at our Wildwood, New Jersey law office. Among the services we can provide to help you secure a short sale:

• We gather and draft documents to submit to your mortgage company
• We will submit the short sale offer and purchase agreement to your lender
• We will work with the lender to structure the short sale to minimize the risk that you may be held financially liable by creditors or the IRS for the difference between the sale price and the mortgage

While a short sale may be essential in getting the home to sell, it does carry financial risk for the seller and it can be difficult to get the mortgage company to agree to allow the short sale. Many lenders resist this solution, which is why it can be so helpful to have an attorney handle the mortgage negotiation.

Recently, our firm successfully negotiated a $1.5 million short sale in which the lender agreed to pay the legal fees for the service. Call us to see if you may qualify for lender financing of fees.

Contact Us

Contact Barry, Corrado, Grassi & Gibson to discuss your real estate needs and goals with an experienced New Jersey attorney, or call us toll-free at 1-866-290-5251 or locally at 609-729-1333.