Short Sales in Marriage
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Barrington Divorce Short Sale Lawyers

Declining Home Values And Divorce

The marital home is usually one of a couple's largest assets. It can also be its largest source of debt. During a divorce, parties may agree to either sell the home or have one person take the home and buy out the other person's equity. However, with declining home prices, many divorcing couples are finding themselves saddled with an upside-down home they cannot sell and neither party can afford. In this case a short sale may be the best solution.

At the Barrington, Illinois, office of Lucas Law, we represent clients who are facing financial difficulties during divorce. With more than 25 years of experience, attorney Joseph M. Lucas understands the unique considerations in a divorce involving significant debt. To discuss your situation with one of our skilled Barrington divorce short sale attorneys, contact us online.

Exploring Your Options

During a divorce, all of the marital assets and debts must be equitably divided between the two parties. Deciding how to handle the marital home can take on unique complexities if its value is lower than the mortgage. If neither of the parties is able to afford the mortgage and the home cannot be sold, other options must be explored such as a short sale.

In a short sale, the lender agrees to take less for the property than what is owed on the mortgage. In order to qualify for a short sale, you must show that you have a hardship that prevents you from making the payments.

At Lucas Law we will help you explore all of your options for managing the marital home during a divorce. We will work with your mortgage lender to negotiate a loan modification or authorize a short sale of your property. We will also educate you about the tax liabilities you may incur from a short sale. We can even help you determine if bankruptcy might be a useful option for helping you prevent foreclosure.

Contact The Lake Barrington Marital Debt Reduction Attorneys Of Lucas Law

For dependable advice about short sale and other debt relief solutions, contact a lawyer at Lucas Law in Barrington. You may also call 847-381-8700.

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