The Law Office of Theresa L. Panzica to provide Short Sale Case Study Posts in 2017

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               In an ongoing to commitment to keep you updated with common occurrences and pitfalls in the ever changing world of short sales, the Law Office of Theresa L. Panzica, LLC, commits to post case studies on the topic regularly.  We will now post for better or for worse what happens on short sales.
                I will start this story at the end on this one, here is what happened.  The Seller retained our office without paying a retainer fee upfront or any fees to our office out of pocket, the Seller was able to walk away without paying two Associations for back dues/penalties/fees/attorney fees, a developer’s large tax bill for the underlying PIN that the developer skipped out on (a common occurrence for developments made in the boom and bust cycle of the last decade), and the remaining loan balance while avoiding tax liability[1]. 

                 Initially, the Short Sale lender approved the price in 45 days, but did not provide allowances for association bills and back taxes.  Within a few months, the Bank agreed to pay the back taxes in full.  And although the Associations refused to negotiate on their balances, the Bank covered a portion of the amounts due to the Association. 
               
               The Seller was able to walk away from an underwater home without losing the home to foreclosure or temporary possession to the Association salvaging their credit and leaving the home on their own terms.  The Seller did not pay any amounts out of pocket to third parties or to our office to accomplish these results. 

                   If you or someone you know is in an underwater home or in foreclosure, please have them reach out to us to see if a short sale is right for them, please contact us at 773-539-5970 or [email protected] to see if we can start assisting you today with no money down or out of pocket attorney fees for the short sale process. We wish each and everyone of you a healthy and prosperous New Year.


[1] Please note that every short sale varies and past results cannot guarantee future results and we do not provide tax advice and foreclosure defense requires a flat-fee payment upfront.