A short sale in Utah is when a house is sold for less than the amount due on the mortgage. Short sales are considered under certain conditions, and usually only come about as an option when it is clear to a lender that the full value of the mortgage will not or cannot be recovered.
In addition to the lender, there are typically other parties involved which may include the IRS, utility companies, state and county assessors, creditors, and others who are owed money and may have encumbered the property by placing a lien on title.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate in Utah and the individual borrower’s financial situation as well as the negotiating powers of the person negotiating your short sale. Law firms can add credibility, because the lenders/servicers may be worried about the threat that attorneys have.
Law Offices of Ryan E. Simpson, P.C. has considerable experience in handling these complex real estate matters and has successfully negotiated and facilitated numerous short sales. We will perform the following services as applicable to your situation:
- Facilitate in gathering the necessary information and application(s) to submit to the lender
- Work with the lender in getting the application approved for a short sale
- Negotiate with the bank(s) who have encumbered the property
- Negotiate liens and encumbrances that have attached to the property
- Work to postpone a pending foreclosure
- Work with all the parties involved in the transaction to ensure that the short sale process goes as smoothly as possible
Should you have any questions about the services we provide or would like to begin working with Law Offices of Ryan E. Simpson, P.C., please contact us by phone at (801) 432-8682 or by email.