Avoid Foreclosure with an Experienced New York Attorney
If you are in default on your mortgage and owe back payments, late fees and other fees on your property, you may be facing foreclosure and are concerned about the cost and stress of the process, as well as the adverse effect that a foreclosure will have on your credit. A short sale allows a homeowner to avoid the time and expense of foreclosure if the lender will accept less than the full amount due on the mortgage, which may also be in the best interests of the lender.
It is important to understand what a short sale is, how it can help you and why a lender might accept less than they are owed on the property. At the Law Offices of Nathan Erlich, P.C., we can explain the concept of a short sale and help you determine if it is in your best interests. We can also help you file for Chapter 7 or Chapter 13 bankruptcy protection and learn about other solutions for stopping foreclosure that may allow you to keep your property.
Contact our firm to speak with an experienced lawyer about your situation. Our firm has offices throughout the Five Boroughs of New York City, including our main office in Forest Hills, Queens.
How Does a Short Sale Work?
The last thing that any lender or borrower wants to happen is a foreclosure. Lenders can lose a significant amount of money in the foreclosure process through attorney and court fees, lost interest, eviction costs, property maintenance and selling costs. The process of foreclosure can also be lengthy. Therefore, a short sale may be in everyone's best interest if it can avoid the foreclosure process.
In order to arrange a short sale, a borrower must work with the lender to resolve the situation. Lenders will review financial information of the borrower, including expenses and income, as well as information about the property value. If the lender agrees to a short sale, they agree to accept a price that is less than the amount owed on the property and will let that price satisfy the terms of the mortgage without the threat of future collection or litigation.
Short sales may damage the credit of borrowers, though not as much as a foreclosure will damage their credit. In any situation where a short sale may be appropriate, it is important for the borrower to have an experienced lawyer that will ensure that the process is completed accurately and in the borrower's best interest.
Contact the Law Offices of Nathan Erlich, P.C.
Learn more information about short sales and how you may be able to avoid foreclosure in the state of New York. Contact the Law Offices of Nathan Erlich, P.C., and speak to our skilled and knowledgeable attorneys and staff. Call toll free at 877-518-7581 to schedule an appointment for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
