Paladin Legal Center Loan Modification Attorneys

A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller’s loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss.

The Short Sale Acceleration Program enables real estate professionals to take advantage of our law firm’s experienced real estate attorneys to represent your short sale client.  This attorney representation is available for a  low flat fee to the client, and typical results include:

• A quicker response from the servicer/ lender
• Increase the likelihood for a successful approval
• Dramatically less work for the seller AND the agent/broker
• Protect the client’s tax liabilities by negotiating to reduce or eliminate the deficiency
• Protect the client’s credit score by negotiating how the short sale is reported to the credit agencies

The Short Sale Acceleration Program has been created to assist the agent/broker to achieve all of the following: Provide a competitive advantage over other agents/brokers when securing short sale clients by offering the benefit of attorney representation Frequently secure higher fees paid to the agent/broker Assure that the short sale documentation is prepared correctly and submitted to the appropriate department at the lender/servicer Achieve more effective results because the law firm utilizes its existing relationships with the loss mitigation departments at the lenders/servicers to quickly secure the approval Limit the possible liability to the agent/broker for conflicts of interest and other issues Assistance provided to the seller for identification of important or damaging legal issues at the earliest possible opportunity (deficiency judgments, tax implications, fraud, etc)

Short sales are far more complicated and time consuming than an average real estate sale, making it important for the client to retain an experienced real estate attorney to oversee and negotiate the transaction from contract to closing....so the agent/broker can spend more of their time finding new clients and buyers for the properties they currently have listed.

The Process:  The agent/broker works with the seller to gather the necessary short sale paperwork, and the real estate attorney is engaged by the client to communicate with the lender that the seller is seeking immediate approval for the short sale.  The attorney is experienced at applying pressure on the servicer/lender through a number of legal tactics which can include:

• Indicating that if the short sale is not approved then the client may elect to file for bankruptcy as the only other alternative to foreclosure
• Perform a forensic audit on the loan documents and notify the lender (where applicable) that they failed to properly disclose the terms of the loan, and/or violated the Truth in Lending Act, and/or committed other acts of fraud, and we will recommend our client pursue  a private lawsuit or a class action lawsuit if the short sale is not approved.