What Are Short Sales & Why Do People Agree To Them?

What are short sales and why do people agree to them?
It’s no secret that our country is going through unique times that are having a dramatic economic impact on the lives of thousands of Americans. From extensive closures in the bar, restaurant, nightclub, and gym sector by a government mandate to the deeply felt impacts in the travel and hospitality sector, many of our friends and neighbors are wondering where their next paycheck will come from for the lucky ones who still have a job.

For those who no longer do or are on the verge of losing their jobs, they are frantically checking their account balances, lines of credit, and any other funding sources. However, most may come up short when they come to their mortgage payments and may need an out. That’s where a Long Island, New York short sale lawyer can help you navigate a process that many Americans rely on.

What is a short sale?

Short sales are sales that are conducted by homeowners who owe money on their home loan, are unable to pay, and, in lieu of a foreclosure or repossession, sell the property for less than the value owed on the mortgage or other note.

Your Long Island, New York short sale lawyer can help you navigate the legal intricacies in addition to the ups and downs of the short sale process. Long Island, New York short sale lawyers are experienced in helping ensure banks and other creditors agree to short sales - not always a guarantee with every property – to ensure that the process goes as smoothly as possible and protects your rights to the greatest extent possible.

If the lender or creditor approves the application for a short sale brought by your Long Island, New York short sale lawyer, then there will be an appraisal ordered or, in another process, a local Long Island, New York real estate agent will be hired to provide a brokers price opinion (BPO) in order for the bank or creditor to determine a sale price and list it.

After both or either of these strategies are selected and completed, the lender or creditor will probably list the property for the highest amount of money possible in order to ensure they are compensated as fully as possible.

Why do people agree to short sales?

For many Americans, short sales are a necessary step to help preserve their credit rating in the face of tough economic times. A Long Island, New York short sale lawyer can help counsel you on what the right course of action is and work with your creditors to craft a short sale with terms that are as favorable as possible to you.

Our experienced and knowledgeable attorneys can sit with you and negotiate with creditors on your behalf so that you come out in the best position possible.

Our Long Island, New York short sale lawyers are familiar with the banks’ negotiating tactics and tricks and will be one step ahead of financial institutions who may only wish to burden you with a long-term debt that you will never be able to pay or pay with hardship.

We also know how to make the case why the short sale makes sense for you and the lender so both parties leave the transaction have gotten what they needed. Finally, our Long Island, New York short sale lawyers can handle all the necessary paperwork so you and your family only need to worry about the essential parts of the transaction and can move on with your lives following the short sale.

What should I do if I’m considering a short sale?

While the process of not being able to pay your mortgage and potentially losing your home is never easy, our experienced Long Island, New York short sale lawyers can guide you through the process.

From creating the application and filling it in to maximize your chances of being approved for a short sale to shepherding you through the process, our firm is here to help you every step of the way in a Long Island, New York short sale process.

Our firm’s comprehensive approach ensures that you and your family will come out in the best possible position unique to your financial circumstances and will minimize any negative impact on your credit to the extent possible. Call our Long Island foreclosure defense lawyers today at (800) 939-3819 for a free consultation so you can be on your way to financial freedom.