What is a Short Sale of a Home in New York State?

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What is a Short Sale of a Home in New York State?

When individuals begin missing mortgage payments, or they find themselves in a situation where they realize they will no longer be able to afford to stay in their home given their current financial situation, they should start considering their options with an experienced Rockland County foreclosure defense attorney immediately. Chances are, you may have heard of short sales before, though you may not fully understand what a short sale is. Please continue reading and reach out to our firm to learn more about short sales in New York State, whether a short sale is your best option, and how we can help you through every step of the legal process ahead. Here are some of the questions you may have:

What is a short sale?

If you find yourself unable to pay off your mortgage, instead of simply being foreclosed upon by your bank, you or your attorney may be able to negotiate an agreement with the bank. In this agreement, you and your attorney will strive to sell your property for an amount that is lower than what you owe on your mortgage. While this may not seem ideal, the truth is, doing so will relieve you of any debt or financial responsibility you owe to your home or your mortgage, essentially allowing you to walk away scot-free. In the best cases, banks will even pay individuals a certain monetary allowance to help cover the cost of moving out of the property.

How do I know if a short sale is my best option?

Before proceeding with any foreclosure-related matters, it is critical that you retain the services of a knowledgeable New York foreclosure defense attorney who can work to assess your situation and determine the best route forward on your behalf. In certain cases, a short sale is not your best option, especially if our firm determines that there is a way for you to stay in your home and catch up on your mortgage payments. No matter your situation, the bottom line is that you must hire an attorney before acting, as our firm has helped countless individuals through these matters for years and we know the ins and outs of foreclosure defense law. If you find yourself in this situation or you have any additional questions, please do not hesitate to reach out to our firm today. We are always here to help those who need it.

CONTACT OUR EXPERIENCED ROCKLAND COUNTY FIRM

Here at The Law Offices of David M. Katz, P.C., we understand how frightening the prospect of losing your home due to foreclosure can be. For this very reason, our experienced attorneys have dedicated decades of our professional careers working to help those facing foreclosure stay in their homes and move on with their lives. Contact our firm for the experienced, compassionate guidance you deserve and need. 

How Do We Fight Against Foreclosure?

The Law Office of David M Katz, P.C. has extensive experience helping New Yorkers save their homes from foreclosure. Foreclosure itself has a wide range of impacts that can be avoided with the help of our firm. It is time to get the relief you deserve. Contact us today.

Loan Modification

You may be eligible to save your home by adjusting your mortgage. Every residential foreclosure lawsuit must go to the Foreclosure Settlement Conference to see if you qualify for a loan modification. We can represent you.

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Loss Mitigation

Loss mitigation stops foreclosure in its tracks, requiring your lender to assess your financial ability to see if you qualify for a government or internal bank loan modification. Having an experienced attorney is invaluable.

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Mortgage Litigation

You may be facing an illegal foreclosure, and it may stem from the terms of your loan, or much more. Our law firm is ready to explore every potential defense on your behalf.

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