Is a Short Sale a Good Option For You?  A short sale can be a viable and preferable alternative to foreclosure, resulting in less damage to your credit and providing a better outcome for both you and your lender. However, each case is different and making the wrong choice or having the wrong representation can lead to severe repercussions in the future.  This is one of those times in life where getting legal advice is just a very good idea.

You may have heard that Washington State is a non-recourse state where the foreclosing debt is permanently extinguished in the event of foreclosure, but what many people do not realize is that secondary liens are not.  After a foreclosure, the holder of your Second Mortgage or  Home Equity Loan (or third party debt collectors that have purchased these notes) can come knocking on your door for many years to come.  This is one reason why I strongly urge the use of a professional short sale negotiator whose primary objective is not just closing the sale, but getting total debt forgiveness for all loans tied to the property.

My Short Sale Formula:  When representing clients in a short sale I enlist the services of the law firm of McFerran and Burns, one of the most experienced and successful short sale negotiating teams in the Greater Seattle area.  We start with an initial consultation with a McFerran and Burns attorney to make sure that a short sale is in fact the best course of action for you to take. The consult fee is $150, and should you decide to move forward with a short sale, this is the ONLY cost to you.  The negotiator fee itself is taken right off the top from my commission and is only paid in the event of a successful close.

Below are some useful links to more information:

WA State Short Sale Advisory:

Short Sale vs Foreclosure–Side by Side Comparison: