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The pain, uncertainty and confusion that come with going through a foreclosure can place a heavy burden on you. It is no wonder that many people going through a foreclosure end up being confused as to what options are available to them. Even worse, they may fail to act in protecting their best interest and wind up being worse off in an already precarious situation. Let us take as an example what is known as a short sale. This is the liquidation of a property in which any proceeds received from the sale of the property is insufficient to cover the balance of the debts which were being secured by it. Depending on which state one lives in there are many permutations as to how a short sale is structured. Likewise, the number of ways in which the person being foreclosed upon can derive some benefit from such a transaction. It is for these reasons that when one is facing a foreclosure preceding it is critical to have the experience of a foreclosure specialist backing you. Ideally this would come in the form of a law firm that specializes in foreclosure defense. Unfortunately, many people going through this type of situation fail to seek the legal assistance that they so desperately need. More often than not this occurs due to a misconception as to the cost that is involved with retaining proper legal counsel in foreclosure situations. Many are unaware that there are foreclosure specialist law firms which function without the need for upfront retainer fees. Being freed of such forward expenses the distressed borrower is then able to benefit from a legal team which will look out directly for the best interest of the person that is facing the foreclosure. Returning to the example of the short sale, deals can sometimes be reached while the short sale is being negotiated in which the proceeds of the short sale would be accepted by the creditors as payment in full for the original debt obligations. Even when this best case scenario is not obtainable, those distressed homeowners that are professionally counselled by a competent foreclosure defense law attorney will still emerge ahead. At the very least the amount of debt obligation that remains following the proceeds from a short sale can be reduced when negotiated by proper representation. Not only does a foreclosure specialist advising you help you with negotiating a better conclusion to your situation, but they can also serve to advice you with all of the collateral details which accompany foreclosures and short sales. From what options or limitations are specific to your state, to the implications that a negotiated short sale might have on your credit history, it would be difficult if not impossible to go through such a process with maximum success without competent and effective legal counsel. Litvin Law: Leading Foreclosure defense attorneys firm offering result driven legal mortgage & foreclosure crisis strategies, like- deed-in-lieu of foreclosure, short sale laws etc. with world-class client service.
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