Real Estate Litigation
Get Help From a Top New York Short Sale Lawyer
Short Sales
At Poltielov & Habib, LLP, our New York short sales attorneys are devoted to providing personalized, solutions-focused guidance and support to clients. With experience in foreclosure defense and real estate law, it is our mission to help people find the best answer for their situation. If you have any specific questions or concerns about short sales, we are more than ready to help. To set up a free, fully confidential initial consultation, please contact us today.
What Does a Short Sale Mean?
As defined by Investopedia, a short sale is a home sale that is completed at a “price that is less than the amount due on the current owner’s mortgage.” In New York, a short sale is generally negotiated with the mortgage company. The lender may agree to take less than the total amount due on the loan in order to resolve the outstanding deficiency. While a short sale is technically not a foreclosure defense, it is a potential solution for homeowners facing the risk of foreclosure.
How Long Do Short Sales Take?
As the original mortgage lender is heavily involved in the process, short sales take longer than a traditional sale. By some measures, it takes an average of 45 days from the date a traditional home sale is agreed upon to the date that the transaction is closed. In contrast, it takes around 120 days from the date a short sale is initially agreed upon to until the transaction is closed.
Understanding Hardship Letters for Short Sales
A hardship letter is a letter drafted by a financially distressed (underwater) homeowner. It is sent to their mortgage company. The letter is generally used to explain the state of the current financial situation, including the challenges. A hardship letter is a standard part of the overall loss mitigation process. Some lenders use a hardship affidavit as a supplement to or replacement for a hardship letter. Homeowners seeking to sell their property for less than the mortgage due (short sale) generally need to submit a compelling, well-supported hardship letter.
How Our New York Short Sale Lawyers Can Help
Short sales are complicated. Whether you are considering a short sale as an alternative to facing foreclosure or you are looking for how to find short sales for purchase, it is normal to have a lot of questions. At Poltielov & Habib, LLP, we are highly experienced in foreclosure defense and real estate law. Our New York foreclosure attorneys and New York real estate attorneys are prepared to help you with all aspects of your short sale case.
Contact Our New York Short Sale Attorney Today
At Poltielov & Habib, LLP, our New York short sale lawyers have the skills and experience that you can rely on. If you have questions about short sales, we can help. Contact us today to set up your free consultation. From our Queens office, we handle short sales throughout the region, including in Brooklyn, the Bronx, Manhattan, Nassau County, Suffolk County, and Westchester County.