Bankruptcy Attorney in the Bronx
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Short Sales and Bankruptcy

Bronx Bankruptcy Lawyer Offers Homeowners Debt Relief Options

Many options are available to individuals who have fallen behind on mortgage payments, and 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 the Bronx bankruptcy attorney from the Law Offices of David Brodman right away.

Lenders Often Prefer Short Sales to Foreclosure

So why are banks and lenders willing to agree to short sales when they are actually losing money on the deals? The alternative to a short sale would be foreclosure, and in a foreclosure, the bank will lose much more than in a short sale. 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. To determine if you are eligible for a short sale, contact the trusted bankruptcy lawyer from our firm right away.

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. Mainly, in a short sale, you have full control of your sale. A short sale is 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 short 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" rather than as an actual short sale.

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.

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 may be able to help. Our firm stands ready to answer any questions that you may have regarding your situation and how working with our Bronx bankruptcy lawyer can benefit your case.

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

Hear from Our Former Clients

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