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  • Short Sale

    We can help guide you through every step of your short sale matter.

    Gaining Support from our Knowledgeable Short Sale Attorneys

    A short sale is the sale of real estate in which the proceeds are less than what is owed on the balance of the loan. The negotiation to undergo a short sale versus a foreclosure is done between the lender and the homeowner's representation (this is why you need an experienced firm like JT Legal Group to represent you). In this negotiation, both parties agree upon a discounted loan balance due to financial or economic hardship that the borrower faces. Banks incur a smaller financial loss in a short sale versus the borrower's continued non-payment or foreclosure.

    As a result, banks have more incentive to agree to your short sale, which is typically faster and less expensive for the borrower than a foreclosure. Short sales also mitigate damage to credit history and can partially control debt. Lenders usually have loss mitigation departments that evaluate and determine short sale transactions. JT Legal Group understands these processes in-depth; and, as a result, has a greater chance of obtaining a successful outcome.


    The lender realizes that if your home goes into foreclosure, it will be sold at auction for a substantially lower amount than the home is worth -- or what they could receive from a short sale. Additionally, the government offers an incentive in the form of a program called HAFA (Home Affordable Foreclosure Alternatives). The first mortgage can receive a significant monetary incentive from the government to settle on the short sale, which provides them considerable motivation to choose this route rather than a foreclosure. The second mortgage can receive a financial incentive through HAFA as well, whereas if the home goes into foreclosure the second mortgage will receive literally zero dollars.

    The lender’s approval can be completed within 30 days, but may take up to 6 months or longer. Once we have submitted an offer on the property we will then work towards achieving a successfully negotiated transaction with your lender.

    No. You will maintain occupancy in the property for the duration of the negotiations until after a settlement has been reached.

    The short sale process usually is not as simple as submitting offers to simply your first mortgage holder. Typically, borrowers also have junior lienholders, and/or third party liens including mechanic liens, credit card liens, judgment liens, tax liens, HOA liens and other encumbrances associated with a default on their first mortgage. JT Legal Group will conduct successful negotiations with any and all lienholders during the Short Sale process.

    You will not! On January 1, 2011, the senate bill (SB-931) was passed, which ensures the homeowner that they will no longer need to worry about their lender seeking a deficiency judgment after a Short-sale. This bill was extended on Jan 1, 2014.

    Meet Your Attorney

    Attorney, Jack Tersaakyan

    Jack Tersaakyan

    Jack Ter-Saakyan has been a member of the California State Bar since 2009. Mr. Ter-Saakyan strives to provide each client with an informed understanding of the client’s legal rights, obligations, and options. Mr. Ter-Saakyan zealously advocates on behalf of his clients during all stages of his client’s cases.


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    To successfully complete a short sale with the best possible outcome, you’ll also need to deal with junior lien holders, credit card liens, judgment liens, tax liens, HOA liens, and more. You need an experienced, aggressive firm like JT Legal Group — a firm with an established track record of successful negotiations with lenders.