Short Sales

North Carolina Bankruptcy Attorneys: Understanding Short Sales

In a short sale, the homeowner agrees to sell the house for less than the amount it would take the pay off the debt. The idea is that it is better to get something for the house than nothing and keep struggling to pay a steep mortgage.

What many people don't realize, however, is that a short sale does not forgive the remaining debt; the borrower will need to make up the difference in payments. In addition, a short sale is not much better for a debtor's credit than a foreclosure.

Learn more truths about short sales here.

To schedule a consultation regarding short sales and mortgage relief, contact the Statesville, North Carolina, bankruptcy law firm of Law Offices of Robert H. Gourley Jr., P.A. We understand that you don't want to lose your house, but you may be at the point where you will do anything to get out of debt. A lawyer at our firm will review your situation and advise options for moving forward based on your specific needs.

Short Sale Vs. Bankruptcy

As compassionate debt relief attorneys, we want what is best for you and your family. While a short sale may be the best decision, we will explore other options, such as bankruptcy, which can serve you better long-term. Filing bankruptcy will help you avoid deficiency liability, avoid forgiveness of tax debt, and clear up your debt-to-income ratio. Short sales do not do these things.

In addition, filing personal bankruptcy can help you keep your home, even when filing Chapter 7.

For people who have a steady income and simply want to get out of a mortgage, a short sale may be the best option. There are some negatives, but the benefits may outweigh the positives in these situations. Talking with a lawyer can help you better understand your situation and make a thoughtful and informed decision about your next steps.

Contact Us

We are a debt relief agency proudly providing options to people with financial problems for more than 24 years. To learn more about whether a short sale is the best decision for you, contact us by phone or e-mail to schedule a free initial consultation.

We are a debt relief agency. We help people file
for bankruptcy relief under the Bankruptcy Code.