Michigan Title Agency, Law Firm Partner to Enhance Short Sale Services
May 24, 2011
Sun Law Group, PLC, a law firm that assists homeowners with negotiating and coordinating short sale transactions, and Lighthouse Title Group, a title insurance agency with 18 offices throughout Michigan, have created an alliance to offer a more comprehensive short sale and closing service solution to homeowners in Michigan.
“The number of short sale transactions has risen significantly in recent years and we feel this trend will continue for the foreseeable future,” said Bob Wuerfel, president of Lighthouse Title Group. “Short sale transactions are complicated and time consuming and the title and real estate industries have struggled over the past year with providing these services to the marketplace. The demand for assistance in this area continues to grow and we are going to stay ahead of it.”
In a short sale transaction, the bank agrees to allow the homeowner to sell their property for less than they owe on the mortgage. Banks have realized that they will likely obtain substantially more for a property that is sold pursuant to a short sale than a foreclosure. While the economics on all sides seem simple, short sale transactions present a unique set of issues that are legal in nature and that require a high degree of documentation, negotiating and attorney oversight.
“As a law firm, we assist homeowners with the short sale process thereby alleviating the need for Realtors and title companies to process the transactions themselves,” said Thomas Cronkright II, CEO of Sun Law Group. “You have to know what you’re doing or you may open yourself to significant liability down the road. As attorneys and certified continuing education instructors in the area of short sales and foreclosures, we are experts in this unique area of the law and have developed the team and systems to provide complete services on every transaction.”
The alliance between Lighthouse Title Group and Sun Law will allow both companies to offer short sale coordination and negotiation services throughout Michigan.
“Our organizations share similar leadership philosophies and common values and we are excited about this alliance,” Wuerfel said.
Lighthouse Title Group and Sun Law began offering this state-wide service solution on May 16, 2011.
“With a statewide footprint, Lighthouse will allow us to expand our reach and offer our services throughout Michigan,” added Cronkright.
Sun Law Group, a law firm specializing in coordinating and negotiating short sale real estate transactions, is in Grand Rapids, Mich. Sun Law’s office occupies a 100-year-old renovated building in the Creston Heights business district.
Lighthouse Title is based in Holland, Mich., is part of the Lighthouse Group. Lighthouse ranked second in title agency size according to the June 2010 regional report from the Business Review Western Michigan and was ranked in the top 500 of Entrepreneur Magazine’s fastest growing companies in America.