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Long Island short sales offer homeowners an alternative to foreclosuretest
Wednesday, June 23rd, 2010
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:
- - Financial hardship – Serious financial circumstances leave you unable to afford your mortgage.
- - Monthly income shortfall –You cannot afford or soon will not be able to afford your mortgage.
- - Insolvency – You do not have the liquid assets that would allow you to pay down your mortgage.
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.
Tags: long island bankruptcy attorney, Long Island Foreclosure Firm, Stop & Prevent Foreclosure, stop foreclosure
