Short Sale Attorney in Queens
Short Sale – Explained
If you can no longer afford to pay your mortgage, you may be able to enter an agreement with your lender to sell the property for less than the remaining cost of the mortgage, with the proceeds going to the lender. This is known as a short sale, a type of foreclosure defense. It can keep you from having to go through a foreclosure, and it is often an easier and less expensive alternative for banks and lenders, too – even if they accept less than the balance owed on the debt.
You can also benefit from a short sale because you avoid paying the additional fees the foreclosure process entails. And while your credit score will still be lowered after a short sale, it will be hurt it less than a foreclosure would.
Short Sale Requirements
In order for you to go through with a short sale, you must meet certain requirements. They can include:
- You cannot make payments because of financial hardship
- You do not have the available assets to cover the remaining balance
- The home’s market value is lower than the balance due to the lender
- You have a qualified buyer making an offer to purchase the home
- The lender must accept your short sale offer
As you can see, there are many factors to take into account when considering a short sale. You should speak with a Queens bankruptcy lawyer if you are considering a short sale to avoid foreclosure.
Queens Short Sale Attorney
The Law Offices of Bankruptcy Attorney Bruce Feinstein, Esq. can help you make the right decision if you are considering a short sale or other form of foreclosure relief. They can work with your lender and offer you legal counsel throughout the process so you know exactly what is going on with respect to your home. Bruce Feinstein, Esq. and his highly skilled team will handle your case with the respect and compassion it deserves. If you cannot make mortgage payments, you are already dealing with a stressful situation – get the help you need today to find relief.