Short Sales & Foreclosures

Michigan Loan Workout Attorneys

In today's real estate market, most people and businesses owe more on their property than their property is worth.

At Cooper & Riesterer, PLC, we understand that property values have significantly declined, and many property owners are underwater on their homes and businesses. Many of our clients have experienced hardships and cannot afford to continue mortgage payments due to a job loss, decrease in income, or loss of customers. Individuals and businesses in these situations are too often confused, disheartened, and simply do not know what to do. For several decades, our firm has been helping homeowners and commercial property owners negotiate various loan workout agreements with their lenders. We walk our clients through the legal, credit, and tax implications of short sales, deed in lieu of foreclosures, and other workout options so that clients can choose and understand the path that is right for them. Our clients are located throughout Michigan, and we can help you understand your options too. Contact our short sale and foreclosure attorneys today.

Experienced Short Sale and Foreclosure Attorneys Protecting Your Interests

Residential and commercial short sale transactions share many of the same essential concerns. There are various impediments to a successful and beneficial short sale transaction; we've seen them and we educate our clients on how best to address and prepare for them. If a foreclosure is looming, our clients often benefit from the knowledge that we have to share on the foreclosure process which allows them to prepare for their lives after foreclosure. In some cases, there may be other options available to avoid foreclosure, such as a deed in lieu of foreclosure, modification agreement, or forbearance agreement. Any property owner facing default, experiencing a hardship, or looking to sell underwater real estate is in need of an attorney who is skilled in negotiating with lenders and navigating the complexities of any transaction.

At Cooper & Riesterer, PLC in Brighton, we represent homeowners and commercial property owners in a wide range of loan workout scenarios:

• Short Sales: negotiating with lenders to obtain an approval of the sale that discharges the mortgage for less than is owed, advising clients on the conditions of the approval, and allowing clients to sell their home or business and move on with their lives
• Deed-in-lieu of Foreclosure: arranging and advising clients on possible alternatives to foreclosure that can have less detrimental legal, credit, and/or tax implications that can include deeding property back to the lender in exchange for a settlement of the mortgage debt
• Foreclosures: advising clients on the Sheriff Sale notification and bidding process, full credit bids, market bids, redemption rights, and post-redemption evictions and expectations
• Other Loan Workouts: outlining with clients and negotiating with lenders all possible workout options that can address a client's particular needs, whether those issues are permanent or temporary, including modifications, forbearance agreements, or refinancing
• Litigation: If civil litigation is required to preserve a client's interests in their real estate, we have extensive experience requesting and obtaining relief from Michigan and Federal Courts, and pursuing or defending any claim through course of that litigation.

Whether you're experiencing a hardship or looking to understand your options, the attorneys at Cooper & Riesterer, PLC, have the expertise and experience to help you understand your situation and help you move forward.