Real Estate professionals are frequently confronted with listing a short sale property encumbered by two or more mortgages and a seller who is strongly considering bankruptcy as its “exit strategy.” We have struggled with that same scenario… working on a short sale for months, and then the seller decides to file for bankruptcy. At that point, the deal usually dies.
But that does not need to be the case. In fact, we believe that short sales and bankruptcy can go hand in hand if the bankruptcy lawyers are working with the real estate lawyers/short sale negotiating team. That is why Berlin Patten elected to add bankruptcy to its array of legal services.
Berlin Patten believes that a short sale can be successfully completed even if the borrower is considering bankruptcy. For that reason, Berlin Patten’s bankruptcy services will be different than the traditional bankruptcy services. Our legal counsel will give due consideration to the value of completing a short sale and how the bankruptcy may actually facilitate the completion of a short sale, even if the borrower is considering (or even files) for bankruptcy protection.