Queens Short Sale Lawyer
Short Sales and Bankruptcy
A short sale can be a better alternative to foreclosure on a home. As another option for foreclosure defense, a lender can be negotiated with to accept a lower amount than the balance of the debts secured by liens against the property to a buyer who offers a reasonable price. Many times when a home goes into foreclosure, the bank then needs to market the property, find a buyer, and pay a commission to a real estate broker. A short sale is often a less expensive means to selling the house when its current occupant cannot keep up with the mortgage payments.
A short sale will still negatively affect your credit, but it won't look as bad as a bankruptcy or foreclosure. You should seek advice from a seasoned Queens bankruptcy lawyer before you make any decisions about what is right for you.
In order to be able to qualify for a short sale, you'll need to prove that your income and assets are insufficient to continue payments. You'll also need to demonstrate a financial hardship to the lender or bank. Also, there are other things to keep in mind:
- The current value of the home needs to be verified as less than what is owed
- In order for a short sale transaction to be considered, you need to have a qualified, committed buyer
- The acceptance period on the offer is often long or uncertain, and you need to have a buyer who is patient and can wait
- There are tax disadvantages to being forgiven on a debt, which should be carefully reviewed
- Many have chosen this route as the way out of a mortgage that is too difficult to keep up with. A short sale can be a workable solution for someone who is facing a foreclosure, but they are often a complex process, and it is not guaranteed that a lender will accept an offer.
Short Sale Attorney in Queens
At Blutter & Blutter, you will find zealous representation when it comes to negotiating a short sale with your lender. They will aggressively work to achieve the best possible outcome for your situation. It is very important that you understand all of your options and have retained proper legal counsel before taking any action, as this is a serious decision, but one that may be just right for your particular situation.
Contact a Queens short sale lawyer for a skilled and exceptional short sale negotiation process.