Protect Yourself and Your Property in Short Sales and Foreclosures
Experienced Representation in Forest Hills, Queens, New York City and New York State
Short sales and foreclosures in New York and the United States have increased dramatically in the last few years, as more people find that they cannot afford their house payments. In a short sale, the property owner, who has a mortgage and home equity, attempts to sell the property for less than they originally paid and is owed on the loan.
Short sales and foreclosure may help property owners get out from under a high mortgage, without having to file for bankruptcy, but they also carry with them tax consequences and other problems that need to be considered. At The Law Offices of Nathan Erlich, we have practiced real estate and bankruptcy law for nearly two decades and understand the implications that short sales and foreclosures can have upon your financial future.
If you are considering a short sale or are facing a foreclosure, sit down with an experienced real estate lawyer who can evaluate your situation, as well as the financial and tax consequences, and help you understand your best options. Our firm has a strong background in finance and taxation and can give an honest assessment of your circumstances.
Tax Implications of Short Sales and Foreclosures
New legislation has been passed in New York that states that people will not face harsh tax consequences for a short sale if the sale is of their primary residence, but commercial properties and secondary residences still have harsh tax consequences. Even if the original loan is forgiven, the seller will still have tax obligations. Our attorneys and staff appreciate all of the tax implications in short sales and foreclosures.
Many financial advisors who advertise their help in situations of short sales and foreclosures do not have the necessary background and experience to help you through the situation that you are in. An experienced law firm can give you the advice and representation that you need in these complicated situations.
Contact us by clicking here or by calling The Law Offices of Nathan Erlich at (877) 518-7581 for our Forest Hills, Long Island, Brooklyn and Ridgewood locations. We offer a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
