As an experienced Scottsdale Foreclosure Lawyer, The Peddy Berg Law Firm, PLLC strives to educate clients on their foreclosure and short sale options. There are many pros and cons to foreclosure, short sale, deeds in lieu, and loan modifications, but knowing which option is best for you to do is difficult without the advice of an experienced real estate attorney. Additionally, an option that may be best for one client would not be good for another.
Fortunately, Arizona’s anti-deficiency laws offer some protection to homeowners who can no longer afford their homes. If a homeowner’s mortgage does not meet the criteria for anti-deficiency protection and the home sells for less than what is owed on the mortgage, the lender can potentially bring a lawsuit against the homeowner for the remaining balance – called a deficiency action. Before a person’s home is foreclosed on, they should meet with an experienced real estate attorney to learn their risks of a deficiency action and how to protect their remaining assets.
An alternative to foreclosure is short sales. Unfortunately, a lot of misleading information exists about short sales. There are times where it makes more sense to short sale a home versus allowing it to go into foreclosure. However, short sale transactions have their own risks. There are many people involved in a short sale transaction, any one of which could, and do, make mistakes costing homeowners hundreds or thousands of dollars. If you are looking to protect yourself in a short sale transaction, call The Peddy Berg Law Firm, PLLC.
Attorney Jennifer Peddy Berg is an experienced real estate attorney, knowledgeable in the areas of foreclosure and short sales. If you would like to discuss the pros and cons of Scottsdale foreclosure, short sale, or deeds in lieu as they relate to your situation, and learn more about governmental programs that may be able to help, please contact The Peddy Berg Law Firm, PLLC online or by calling 480-382-3109.