If you can’t afford your mortgage, it is sometimes possible to negotiate a deal with the bank where you sell your home for less than what you owe.
This is called a “short sale”
Doing so saves the bank from the legal costs of foreclosure and eviction, and may shorten the amount of time that the home sits with no one paying for it.
If you’re considering short selling your home, you should know that each lender has standards you must meet in order to qualify, and that even then, you’re in for a rocky and potentially stressful time as you wait for the bank to respond.
In addition, while a short sale can reduce some of the damage to your credit that a foreclosure would leave, it will still damage your credit.
Working with the experienced short sale attorneys at Zelenitz, Shapiro & D’Agostino can help take some of the worry out of a process that no one enjoys.
We’ll help ensure that your paperwork is in order the first time, and represent your interests in negotiations with your lender.
If you’re underwater on your mortgage and need help finding your way, call us today 718-599-1111 and talk to a short sale attorney for free.