Recent real estate industry data indicates that there were 2.2 million short sales in the United States during the period of the subprime mortgage crisis up to mid-2013. Requests for short sales continue. The need for a short sale occurs when the amount outstanding on a mortgage loan exceeds the value of a home. A homeowner seeks to sell his or her home and requests that the mortgage holder (and any other lienors) accept less than the amount owed and release the homeowner’s or guarantor’s obligation to repay the mortgage balance. The procedure for initiating and completing a short sale is complex, can be lengthy and varies between lenders and on a case by case basis.
While a short sale is a possible alternative to filing for bankruptcy or foreclosure, there are long term consequences to be considered that may have an impact on a person’s family, credit history and ability to purchase another home. It is important to understand that if your mortgage has been referred for foreclosure that process may move forward at the same time. The foreclosure process may continue and a foreclosure sale date may be scheduled while you are actively working towards completing the short sale.
Our attorneys evaluate each individual’s circumstance and discuss options in a clear and concise manner. Having dealt with numerous lenders in the industry that are accepting short sale payoffs we are intimately familiar with the extensive requirements imposed by each. Golden, Wexler & Buatti, P.C. represents both sellers and purchasers in short sale transactions and we are the preferred attorneys for such transactions by several brokers in the industry.
We handle Real Estate transactions in Nassau, Suffolk, New York City and Westchester and we are centrally located just off the Meadowbrook State Parkway in Westbury in the heart of Nassau County. Give us a call today at 516-745-6830 to discuss your short sale questions.