Short Sales

Vicki French – Title Agent and Director of Marketing, Short Sales & Short Settlement Refinances

A short sale is a sale of real property in which the net sale proceeds are less than the balance owed on any mortgages, and the owner cannot come up with the difference at closing. In order to sell the property, the lender must approve of the shortfall and agree to release its lien on the property. Through the course of a short sale negotiation, we also try to persuade the lender to release the borrower from personal liability on the remaining debt, called the deficiency.

A short sale is usually a favorable alternative to foreclosure. In general, a short sale has a lesser effect on your credit score and you will be able to buy another home sooner than you would with a foreclosure. Short sales are extremely complex legal matters and you need competent, experienced representation to help you avoid the many potential pitfalls involved.

The attorneys of Salisbury, McLister & Foley, LLP have successfully negotiated hundreds of short sales for homeowners in Maryland. We will review your situation and help you decide if a short sale is the right choice for you. If it is, we will negotiate with your lender to get you the best settlement available. We do not get paid unless your short sale negotiation is successful. And when it is, we get paid by the lender at settlement – this means you pay us nothing out of your own pocket!

In order for us to effectively handle your short sale negotiation, we will need quite a bit of information/documentation. To ensure success, it is very important that everything requested is provided in a timely manner and that all forms are completed in their entirety. The following documents are needed to get started:

  • 3rd party authorization form
  • Financial worksheet
  • Listing agreement
  • Most recent statements for any mortgages/lines of credit
  • Hardship letter
  • Most recent pay stubs covering at least 30 days
  • Award letters for any unemployment, social security, disability, or pension benefits
  • Most recent bank account statements covering at least 60 days
  • 2 most recent federal income tax returns
  • Most recent gas or electricity bill for the property
  • Ratified contract
  • Buyer’s pre-approval/commitment letter from lender

If you are interested in discussing a possible short sale, call us at (301) 694-7235 today or send us a message below and we can discuss your personal situation.

100 W. Church Street
Frederick, MD 21701
Office: 301.694.7235
Fax: 301.694.7393
info@fredericktitle.com