People facing a short sale situation with their timeshare property are often in a dilemma to choose between a real estate agent and an attorney offering timeshare cancellation services. The latter is however the recommended option for the following reasons.
Looking Beyond Negotiation
A real estate agent helps you to effectively negotiate a short sale but however it is only an attorney who can guide you through the process from the legal point of view. In case of any discrepancies in the sale, an attorney will be in a better position to represent you legally.
Understanding the Short Sale Contract
Short sale agreements differ from one case to another and a legal elucidation of every clause is required. Therefore hiring an attorney can ensure you are well aware of all the consequences of the sale proceedings.
Deficiency judgment arises when there is a difference between the sale price and the total debt. An attorney can help you sail through the situation by negotiating a waiver on the deficiency or by filing for bankruptcy. In either case, the attorney plays an important role in freeing you from the judgment.
Avoiding the Foreclosure Situation
Timeshare foreclosure can have several negative consequences like bad credit rating, lack of eligibility to apply for loans and so on. An attorney who is well-versed in this area of law can analyze the situation and come up with suitable options to avoid the foreclosure situation.