Given the growing numbers of homeowners struggling to save their homes from foreclosure, it’s not surprising to find Long Island short sales on the rise. But many Long Island homeowners have no idea what a short sale is. One of the main reasons why you need to know is because short sales have a much less damaging effect on a Long Island homeowner’s credit than does a foreclosure.

 

A short sale in Long Island occurs when the proceeds from the sale of a home fall “short” of what the homeowner owes on the mortgage. The homeowner’s mortgage company agrees to accept less than the loan’s full principal balance at settlement.

Not all lenders will agree to short sales. But there are many circumstances where short sales make sense for the lender to accept because the Long Island homeowner can pay off the loan for less than what they own and the lender can avoid a costly, time-intensive foreclosure. In today’s mortgage climate, an increasing number of lenders have become more willing to negotiate short sales. The Obama adminstration’s efforts to help struggling homeowners have also improved chances of getting your Long Island short sale approved.

One or more of the following must apply to your situation in order to qualify for a short sale:

 

 

Because of a Long Island short sale’s complicated process, seeking legal expertise can make a big impact on your ability to get approved for a short sale on Long Island as well to negotiate terms of the short sale best suited for your situation and needs. Obtaining legal counsel on your Long Island short sale gives you logic-driven and legal-driven advice on your specific financial, tax and legal consequences despite the emotional sensitivity of being on the brink of foreclosure and bankruptcy.

 

 

Many variables go into the complicated process of finalizing your Long Island mortgage modification. Given the process’ complexity and an increase in loan modification requests, you must exercise patience. Our experience with loan modifications says plan for a month or more until your mortgage holder completes your Long Island loan modification.

 

In case you are unfamiliar with loan modification, also called mortgage modification, let’s revisit its definition. A loan modification is a permanent change in one or more of the terms of your Long Island mortgage in order to achieve a payment you can afford and avoid foreclosure. Working along side an attorney with expertise in Long Island mortgage modification can keep the loan modification processes moving forward in speed and in the right direction for your specific needs. Our attorneys can work with you to quickly assess if you are eligible for a mortgage modification in the first place.

 

If you qualify, the necessary legal documents can then be completed and compiled accurately in order to efficiently move your loan modification into the processing stages without errors. If you don’t know what questions to ask your lender, what documents to complete, what information to share and how best to characterize that information, your loan modification process can slow significantly.

 

Patience with mortgage modification is a must since no guaranteed processing time exists and every Long Island homeowner’s situation differs. The length of time it takes to obtain a loan modification depends on your lender, how long it takes you to provide the information required, and how severe your financial troubles are surrounding your Long Island mortgage.

 

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