Stuck in a House With an Underwater Mortgage?
If you are struggling to make the payments on a house that is not worth what you owe, you may feel trapped. None of the options are appealing — foreclosure, bankruptcy or abandoning the property — and they can come back to haunt you in various ways.
The real estate attorneys of Vergilis, Stenger, Roberts, Davis & Diamond, LLP, can help you explore a short sale of your property. When properly done, a short sale allows you to walk away without owing anything and without liens and other legal problems following you.
New York Home Short Sales Lawyers
Millions of Americans are "underwater" on their mortgages, owing more money to the bank than the house would fetch in the current real estate market. Because of job loss, divorce, health issues, high debts or other financial problems, you may be behind on the house payments or barely keeping up. These same issues may prevent you from obtaining a loan modification or mortgage workout.
If you can't refinance and you can't sell without taking a huge loss, a short sale may be the best solution to a bad situation. A short sale is a formal agreement with your lender to sell your house for less than what you owe and "call it even." A short sale is a win-win for all involved. The buyer gets a great bargain. The bank or mortgage company cuts its losses and does not have to deal with the foreclosure process and yet another unloadable property. You can move on with your life without the black mark of foreclosure on your record or without owing thousands and thousands of dollars.
Protecting Your Interests in a Short Sale Transaction
If the lender has already initiated foreclosure proceedings, we can negotiate to put that action on hold while the short sale process runs its course. As your attorneys, we negotiate the terms of the short sale arrangement with the lender so that you walk away owing nothing or as little as possible. We also handle the transaction to ensure that the buyer follows through and to address any loose ends prior to closing.
Is a short sale of your home the answer to your mortgage nightmare? Contact Vergilis, Stenger, Roberts, Davis & Diamond, LLP, to arrange a free consultation with experienced real estate short sale attorneys.
