When the value of a home is less than what is owed, the mortgage holder may be willing to accept a reduced payoff of the debt in a “short sale” to a bona fide purchaser. This alternative to foreclosure mitigates additional fees and costs to both the creditor and home owner but it can be a cumbersome process for everyone involved in the sale.
Murphy & Shank is experienced in dealing with these transactions by preparing advance settlement statements, subsequent revisions and other documents as the home owner and creditor negotiate the satisfaction of the debt. Our firm handles the closing and disburses funds in a timely manner and in compliance with the approved short sale terms.