Just to reiterate: If you want to save your home, then this should be one of the last methods you utilize in the loan workout process. On the other hand, if you’ve exhausted your options to stay in your home & come to this conclusion, then AL&MS will help you short-sell your home. Our extensive backgrounds in real estate enables us to put together and submit your case file which proves your long-term hardship and inability to pay; get your property listed and marketed with an approved real estate expert from your local area, to start bringing in offers; and then to firmly negotiate with your lender to have them accept the best offer – at less than what you owe them on the mortgage. You should also be aware that with a short sale, the acceptance and release of each and every lien on your property (1st, 2nd & 3rd) must be negotiated individually with each of your lender.

By approving a short sale, the lender can avoid a lengthy and costly foreclosure, and you can pay off the loan for less than you owe. Without this approval, you would not be able to sell your home. This program significantly lessens the impact to your credit versus foreclosure and if this is your primary (owner-occupied) residence, the forgiven debt (or deficiency) of your first mortgage is, in most cases, tax-free (as always, you should consult an attorney regarding your individual legal or tax implications).

While you will ultimately be moving from your home, the good news is that you can continue to live in your home while we work on getting the short sale approved, and you will have advance notice of when you need to vacate the property – providing you and your family with a dignified exit versus the possibility of a sheriff’s escort.