Owe more than your house is worth?

shortsaleA short sale is involved when you want to sell your house but your house is worth less than the amount remaining on the mortgage(s).

Before getting involved in a short sale, you should realize that the difference from the amount owed and the sale price is not removed from your credit.

For example:  if your house is worth $300,000 and you owe $275,000, you will have a shortfall of $25,000.  In most cases, you will still be responsible for the $25,000 even after the sale.

Before agreeing to a short sale, I can advise you if that is in your best interest or a bankruptcy is better solution for you and may allow you to stay in your home.  I will look out for your best interests.

Call Ralph A. Ferro, Jr., Esq. (201) 446-5904 so you have all the facts before you investigate or agree to a short-sale.

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