A short sale is when you sell your home for less than the balance due on your mortgage loan. If your lender agrees to a short sale, you can sell your home the lender will accept the sale proceeds as payment in full. Some lenders may require you to make a financial contribution before it agrees to a short sale. This may be an option where you have no equity in the home and cannot sell it yourself for enough to pay off the loan, if you are ineligible to refinance or modify your mortgage, you have a long-term hardship, and you are behind on your mortgage payments. Although a short sale means that you are selling your home and moving out, it offers the benefit of eliminating or reducing your mortgage debt and it can help you avoid the negative impact of foreclosure. To begin this process, you should consult with an experienced attorney who will coordinate with a real estate agent.

If you have questions about short sales and foreclosure, contact us online or call Scott Lanin, Esq. at (212) 764-7250 Ext.201. We offer a free phone consult to review and evaluate your case or you can schedule an office consult.  Managing Attorney Scott Lanin is also a licensed New York real estate broker.