In the event that you find yourself defaulting on your mortgage payments, you might find that your lender is one of the many who is taking advantage of incentivized short sales to help bypass the foreclosure process. An incentivized short sale is precisely what it sounds like, an incentive is offered to the homeowner so that they place their home up for a short sale, allowing the deed to be transferred to another homeowner.
The process of incentivized short sales benefits not only the homeowner, as they are not going to have a foreclosure affecting their credit score, but it also helps the lender. Foreclosures can take time and money for a lender who simply wants their money back, so by adding an incentive for a homeowner to sell quick, they can get back to making their money on the home.
An attorney who understands the short sale process and can oversee your incentivized short sale can help to ensure that the process is completed properly. Because a short sale can be a tricky process for unknowing homeowners, it is important to seek the opinion of an attorney who has participated in, and helped other clients with incentivized short sales.
For more information regarding how Nishad Khan P.L. can assist with property acquisitions, contact us today!