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21929 E. Nine Mile Rd. St Clair Shores MI 48080
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About the service

Foreclosure & Short Sale Lawyers Providing Solutions to Your Mortgage Problems

Giving you experienced advice, support and guidance

If you are having financial problems related to real estate, a short sale or foreclosure may be in your future. Both a short sale and a foreclosure involve complex procedures and confusing laws. If you want to try to save your home or your finances, obtaining advice and counsel from an attorney at the Parnell Firm PLLC can help. We have the years of experience and knowledge necessary to successfully guide you in obtaining a positive outcome.

What is a short sale?

If you are struggling financially and cannot afford your home, and the market value of your property is less than the amount owed to your mortgage lender, a short sale may be a viable option for you. An experienced attorney at our office can negotiate with your lender to accept less than the amount owed under your mortgage loan to allow you to sell your house. Your lender must agree to accept less than the amount owed for the transaction to close.

Pros and cons of a short sale

If you are a homeowner, the main advantage of a short sale is that it gets you out from under your mortgage loan and a home that is worth less than what is owed on it. Other benefits include:

A short sale helps you avoid an emotionally draining foreclosure process.

Avoiding a foreclosure lessens the negative impact on your credit score.

Most lenders typically prefer a short sale over a foreclosure because it is more cost-effective.

If the lender agrees to satisfaction, it is likely that your debt cancellation (up to $2 million) is not considered taxable income if such debt involved acquisition indebtedness on the owner’s primary residence of at least two years.

The disadvantage to a short sale is the difficulty in qualifying for it. Some lenders make the process tedious. Having a short sale attorney on your side can make the process more efficient and effective. It is important to note that the homeowner does not receive any money from a short sale. All the proceeds go to pay the lender.