Although our sister company Oppenheim Law handles issues involving Foreclosure Defense, Weston Title plays a pivotal role in helping homeowners avoid Foreclosure and repair their financial stability by providing assistance with Short Sales and Loan Modifications. In fact, Short Sales have emerged as an effective way to avoid Foreclosure and deficiency judgments. The government’s Short Sale incentives along with the recent mortgage fraud by the banks will increase their effectiveness and the banks’ willingness to approve them. Short Sales allow a homeowner to try and get rid of a property that is underwater and draining financial assets while avoiding future liability for any deficiency. At Weston Title and Oppenheim Law we can serve all of your Short Sale needs, from negotiating and getting bank approval to the closing, we can guide you through the process from beginning to end.
In fact, due to the current real estate market, Short Sales really are a bank and buyer’s best friend. At this point, foreclosing on all of the homeowners that are behind on their mortgage is unrealistic and too expensive for the banks; they simply do not have the resources or manpower to file Foreclosures as fast as they are accumulating. Short Sales allow the bank to recover a portion of their investment up front, rather than taking the property back and being stuck with another house that they can’t sell. In addition, banks have to pay taxes, HOA and maintenance fees once they take a property back. Short Sales offer them an alternative resolution that is more favorable than Foreclosure and allow a Buyer to get a good deal.
Weston Title and Oppenheim Law also can help homeowners seeking help in getting a Loan Modification if they want to stay in their homes, but are underwater and having trouble making their mortgage payments or refinancing their current loan. Although the banks have been less willing to approve loan modifications, government incentives and the recent mortgage fraud by the banks have finally given the banks the shove they needed. Before, the banks would not approve Loan Modifications of refinance for two reasons, (1) because they did not want to; and (2) because they did not have to. However, with the recent difficulties the banks have had filing and completing Foreclosures, we believe that banks will be more willing to approve Loan Modifications and refinances in order to avoid the foreclosure process.