Foreclosure Defense in New York
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Long Island Foreclosure Defense Lawyers

What is a Short Sale?

In a short sale, the lender allows a homeowner to sell his or her property at market value.  Although the sale price may be lower than the balance owed on the home, the lender agrees to it because they will have better chance at recovering their money.  A lender’s other alternative is foreclosure, which can be both timely and expensive.  By agreeing to a short sale, the homeowner will avoid having a foreclosure on their financial record.  Furthermore, after the short sale has gone through, all financial losses will be written off.  

Who Should Consider a Short Sale?

A short sale is ideal for people who want to avoid foreclosure without having to file for bankruptcy.  A short sale will essentially halt the foreclosure process, preventing the lender from suing the homeowner for the money still owed on the home.  A short sale is also a good option for someone who is not eligible for a loan modification.

Contact an Experienced Long Island Short Sale Attorney

If a short sale is something you are considering, it is very important to hire an experienced short sale lawyer to protect your best interests and guide you through the short sale process, which can be very complex.  During this time, you and the lender will have to work closely together.  Not only will you need to qualify for a short sale, but the lender will also have to agree to it. 

At Jacoby & Jacoby, we can represent you during the short sale process and help you negotiate with the lender until an agreement has been reached that serves the best interests of both you and the lender.  With over 50 years of combined legal experience, we have helped countless clients throughout Long Island avoid foreclosure by applying for a short sale.  If it turns out a short sale is not right for you, we can help you explore some other alternatives to foreclosure, such as filing for bankruptcy , deed in lieu of foreclosure, or applying for a loan modification.

Interested in learning if short sale is a good option for you? Please contact a Long Island foreclosure defense attorney at Jacoby & Jacoby today!

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