Short Sales and Foreclosures in Divorce
Short Sales and Foreclosures in Divorce Attorney
Divorce can bring about a hugely complicated situation for people in Texas. When you make the decision to get divorced, you know that you’re opening up a number of different issues. Many of the most difficult decisions are financial. You’ll have to decide, first, what to do with your home. In many cases, a short sale might be necessary as the couple splits. Many mortgage lenders will consider a divorce as an acceptable reason for an imminent default, and conducting a short sale may provide both parties with the ability to satisfy the mortgage. This is a much better choice than having the bank foreclose on the home. If you are going through these issues, it’s important to enlist the help of a good attorney. The lawyers at Zinda Law Group help people like you when they face complicated divorces.
Why a Divorce Might Prompt a Short Sale
When parties divorce, they will either agree on the division or property or the court will mandate some equitable division. This might mean selling the home so that the mortgage is satisfied. Because the mortgage is generally listed under the names of both parties, it may be legally necessary to conduct a sale in order to release one party from the mortgage obligation. When you put your home up for short sale, you have the ability to pay your mortgage obligation, and you can avoid the difficulties associated with foreclosure.
Managing Difficult Divorces and Unreliable Parties
One of the problems with conducting a short sale is that you need the agreement of both parties in order to go forward. Any Texas resident who has been through a divorce can tell you that parties to a divorce rarely agree on anything. This is where a good attorney can come into play. A good lawyer can help you deal with an unreasonable second party, and the right lawyer can convince that person that a short sale is the best way to avoid long-term negative consequences.
The Threat of Foreclosure
When a divorce is on the table, many couples will get behind on their obligation, and the bank will have the ability to foreclose. Foreclosure is a nasty process that leaves you with an ugly mark on your credit and probably a delinquency judgment that is still owed to the bank. These issues can be difficult, stressful, and complicated. It’s best if you enlist the help of a lawyer who can advise you on the steps that you need to take in order to avoid a foreclosure. You will have to do this within the confines of a difficult divorce discussion, too, and this adds difficulty to the process.
When you are facing a divorce with a tough home situation, the attorneys at Zinda Law Group can help. They can help you decide whether a short sale might work for you, and they can protect you and your home from the imminent threat of bank foreclosure. Having a skilled professional on your side can make an extraordinary difference.