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How Much Does a Short Sale Cost? - 04/10/11 08:46 PM
 
 
The simple answer is that a short sale costs nothing.  Most residential real estate attorneys do not charge a consultation fee. I do not charge a consultation fee!  For legal fees I rely on the bank to absorb my fees in the short sale payoff to the bank.  
That said, the more complicated answer regarding the costs of a short sale is that the cost of the legal fees and all other fees related to the sale (Realtor Fees, outstanding utilities, etc) are all added to the deficiency. The deficiency is the difference between the total amount that … (2 comments)

MA Short Sale Attorney Provides Example of Bank of America HAFA Initial Approval- Seller Receives $3,000 and NO Deficiency! - 04/09/11 04:12 PM
 
We are pleased to provide an example of a Federal Government Home Affordable Foreclosure Alternatives (HAFA) short sale program Initial Approval that was generated through bank of America's REDC division. (REDC is a division of Bank of America that deals with these types of short sales.  There are other divisions that also provide this service.)
Below is a brief timeline of our experience with this phase of the HAFA short sale initial approval:
 
2/16/11 - Met with client to review short sale options and best option appears to be cooperative short sale with HAFA as the largest payout to … (1 comments)

Consulting With an Attorney Before Taking a Short Sale Listing - 04/02/11 03:13 PM
I know that it sounds strange, but with short sales I think it is a good idea that we start the process as a team before you commit to taking a short sale listing.  A few years ago I was working on a short sale and during the inspection negotiations we discovered that the Seller had actually already lost the home to foreclosure six months prior to the date of our contract.  The listing agent was understandably upset.  She had been showing a house that her Sellers had not owned for six months! What I am getting at is that there is some review and planning that I … (3 comments)

MA Short Sale Attorney Suggests Four Ways to Begin a Short Sale with Bank of America? - 04/02/11 03:08 PM
Did you know that there are four ways (and counting) to start a short sale with Bank of America?
 
HAFA - Bank of America is a participant in the HAFA program wherein a qualifying short seller may receive $3000 in sale proceeds and avoid any deficiency judgment. This program requires qualification of the seller before or while the property is listed. This program is offered through the on-line equator system. Co-op - Bank of America has a cooperative program wherein a qualifying short seller mat receive up to $2500 in sale proceeds and will most likely avoid any deficiency judgment. This … (0 comments)

 
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Nyles Courchesne Massachusetts Real Estate Attorney

Springfield, MA

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Peskin, Courchesne and Allen, P.C.

Address: 101 State Street, Suite #401, Springfield, MA, 01103

Office Phone: (413) 734-1002

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