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More Than Just Bankruptcy Attorneys
We Offer Complete Short Sale Services.
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Short Sale FAQ
## Why Would My Lender Agree to a Short Sale?
Typically, a lender will choose to modify your loan if it can net more money on the short sale than it can from foreclosing on your home. There are also federally-sponsored programs that provide incentives to services to short sale your home rather than foreclose.
## Can I Negotiate a Short Sale Myself?
If you are considering a short sale, understand that it is a very complex transaction and even most professionals have a low success rate. Working with the attorneys of Vannova Legal that have experience in the industry can mean the difference between success and failure. Vannova Legal attorneys also understand many of the cash back incentive programs sponsored by the lenders. Since there is never any cost to the borrower for a Vannova Legal Short Sale, why take the risk of doing the short sale yourself.
## When Should I Start Working on a Short Sale?
The process of a short sale takes several months to be completed. If you are facing foreclosure because you can no longer afford you home, it is time to contact one of the legal experts at Vannova Legal to set up your free consultation to discuss your current options.
## I am Facing Foreclosure What Are My Options?
If you are currently facing foreclosure, a Vannova Legal Attorney will analyze your situation and review all of the options during your free consultation. Some of the options that may be available to you to stop foreclosure include:
## I Have Been Told to Just Walk Away, Should I?
Before you take any action you should understand the consequences. Allowing your home to go to foreclose has serious implications for your credit and taxes, and you could potentially end up owing the full amount of the loan to your lender. If you think walking away may be your best answer, review your situation with a Vannova Legal attorney to avoid common mistakes.
## Would It Be Better to File For Bankruptcy?
If your mortgage is your only substantial debt, then filing for bankruptcy may not be the best answer. A Vannova Legal Attorney will review all of your options during your free consultation and help you decide if bankruptcy is your best alternative.
## Is a Short Sale Right For Me?
If you are facing foreclosure or have negative equity and are ready to move on, a short sale may give you the best possible outcome. Shorts sales are no cost to the borrower and they have the least amount of impact on your credit. A Vannova Legal Attorney will review all of your options during your free consultation and help you decide when and if a short sale is your best alternative.
## How Much Does a Short Sale Cost Me?
With Vannova Legal’s services, there is never any cost to the homeowner for a short sale.
## Can I Work With Vannova Legal Even If I Live in Another State?
Yes, Vannova Legal has a nationwide network of real estate agents and negotiates short sales nationwide.
## Can Vannova Legal Stop Foreclosure?
Almost always, yes. The sooner you contact us the more options will be available to stop foreclosure. Call us today to set up your free consultation at (801) 415-9801.
## How Can I Be Sure that Vannova Legal Can Work with My Lender?
Vannova Legal works with all lenders, big and small, local or national.
## How Long Does the Short Sale Process Take?
No short sale is the same. It depends on the lender, the geographic area, and the amount of the loan, among other things. A good average is 90 to 120 days.
## What If My Situation Changes After I Start the Process?
If your situation changes you can cancel a short sale at any time until the property has actually sold.
## What If My Real Estate Agent Wants to Handle My Short Sale?
Vannova legal can work with any licensed real estate agent. Our primary concern is making sure you are well represented. If you are uncertain about the individual’s expertise to handle the sale of your property, we suggest using one of our recommended real estate agents. However, if you know a qualified real estate agent skilled in short sales, we will be glad to work with them.
## How Will a Short Sale Impact My Credit?
A short sale will usually show on your credit report as a settled for less than the full amount. According to the current Fannie Mae guidelines you will be eligible to borrow for a new home in two years after the short sale.
## Will I Lose My House?
Yes. In a short sale, the bank agrees to settle your debt for less than you owe. The settlement comes from selling your home. You can; however, remain in the home until the short sale is closed. You will stay informed of our progress as we work with the bank so you can plan your transition accordingly.
## Will I Owe Taxes?
A short sale usually helps reduce any tax consequence you may have; however, there are many factors to consider. A Vannova Legal Attorney will review possible tax consequences with you during you free consultation.
## Will I Be Responsible for any Remaining Mortgage Balance Due?
At Vannova Legal we make every effort to ensure the lender releases you from your full mortgage balance. There are a small percentage of cases where the lender is unwilling to do that. We suggest you always review your approval letter before closing a short sale and discuss the implications of your approval letter with your Vannova Legal attorney. If you are not satisfied with the terms of the short sale, you are free to cancel the transaction.
## When Can I Buy a House Again If I Have a Short Sale on My Credit?
According to the current Fannie Mae guidelines, typically within two years.
## Will I Make Any Money From a Short Sale?
There are many programs that provide cash back to borrowers. As part of our negotiation, Vannova Legal Attorneys always request relief for the homeowner when submitting the short sale. We have been able to get up to $25,000 cash back for homeowners.
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Meet Our Team
 Testimonials
| Jose L., Holladay, UT   Thinking about filing bankruptcy was the hardest thing my wife and I ever went through together. It was so stressful…   |
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| Marilynn L., Midvale, Utah   I was overwhelmed and didn’t know what bankruptcy chapter was right or if bankruptcy was right for me. Vannova Legal…   |
| Jose C., Phoenix, Arizona   I thought I could do a modification on my own but was denied days before a scheduled foreclosure sale. Vannova…   |
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Vannova Legal is a Debt Relief Agency. We help people file for protection under the United States Bankruptcy Code.
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| 49 West 9000 South |  | 221 25th Street, Suite 2 Ogden, UT 84401 |
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