Bankruptcy Attorney in the Bronx
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Bronx Short Sale Lawyer

Offering New York City Homeowners Debt Relief Options

Many options are available to individuals who have fallen behind on mortgage payments and wish to avoid foreclosure. One of those options is a short sale.

In a short sale, the homeowner works with the mortgage provider or bank to agree to sell the home quickly and at the highest price possible based on the current real estate market. This process should only be done with the guidance of a trusted attorney.

At the Law Offices of David Brodman, we are proud to offer quality representation to our clients throughout the Bronx area and surrounding neighborhoods. If you are interested in becoming debt-free, do not hesitate to contact a Bronx short sale attorney.

To determine if you are eligible for a short sale, reach out to our trusted Bronx law firm right away when you call 718.354.8027.

Lenders Often Prefer Short Sales to Foreclosure

So why are banks and mortgage lenders willing to agree to short sales when they are actually losing money on the deals? The alternative would be foreclosure, where the bank would stand to lose much more.

When a bank agrees to a short sale, it will sell the home for the highest possible bid and apply that amount toward the loan. This not only benefits the bank or lender but also helps you get out from under the crushing weight of your debts.

Why Should You Choose a Short Sale?

Though foreclosures are typically faster than short sales, with less personal responsibility for the property, there are many advantages short sales have over foreclosures. Most importantly, you have full control when selling your property. Short sales are handled respectfully like a regular home sale, and you will know who is purchasing your home.

Additionally, short sales are overall less restrictive when it comes to life after the sale of your home. While you can typically only reapply for a mortgage seven years after a foreclosure, you can reapply for a mortgage only four years after a short sale. This can be reduced to two years if you can prove extenuating circumstances forced your sale.

A foreclosure also remains on your credit report for seven years. A short sale may be a mark on your credit, but it is typically noted as "settled for less" instead.

Finally, you are typically not required to mention a short sale in your history on a loan application. However, you are required to answer any questions about foreclosed on property within the last seven years, which can lead to a denial of your loan.

Short Selling While in Bankruptcy

Even if you are currently completing a Chapter 7 or Chapter 13 bankruptcy, you can complete a short sale of your home. The bankruptcy courts are not interested in obtaining the value in a home that must be short sold. Such homes, by definition, have no equity.

Contact the Law Offices of David Brodman

At the Law Offices of David Brodman, we are proud to offer quality representation to individuals and families who may be facing serious debt and financial hardships. If you have been struggling to make ends meet and are no longer able to afford payments toward your home, car, or consumer debt, we can help. Our firm stands ready to answer your questions and help you work toward debt relief.

Contact the Law Offices of David Brodman today by completing a free case evaluation form now!

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