Woodbridge Divorce Litigation Lawyers discuss If Getting a Divorce, is a Short Sale Right For You?

Divorce Litigation Lawyers in Somerville, New Jersey

In New Jersey, especially, it is hard enough to makes ends meet for one household, but try to do it for two households and often, it’s impossible. People fall behind on their mortgages and can’t seem to climb out of debt. When divorce hits, matters can spiral out of control. Sometimes, the way out can be a short sale.

A short sale is when a couple sells their home for less than they owe on their mortgage. The key to a short sale is getting your bank’s approval before you sell, so that the bank will agree to forgive the debt. When a house goes into foreclosure, the bank has the right to sue you in court for the full amount you owe. If you proceed with a short sale, the bank will give you debt forgiveness and wipe away the difference between what someone is willing to pay for your house and what you owe the bank. In other words, the bank is “shorted”. There are pros and cons to a short sale, and you should discuss them with your lawyer.

Contact the Family Law Firm of Lyons & Associates

Here, at Lyons & Associates, we understand that you are trying to make your finances work day to day. Many things change once you are divorced, such as your address, your expenses and your time with your children. Usually, the amount of money you earn does not. During a divorce it may become necessary for you to sell your home. If that need should arise, contact Lyons & Associates to explore the options available to you. Once you sell your house, you can move forward and live comfortably in a place you can afford. For a private consultation, contact us by e-mail or call our office at 908-575-9777.

 

Written by: Chris Ann Wright, Esq.