Short Sales & Workouts
Helping New York Homeowners
Skilled Representation in Mortgage Lender Negotiations
In today's volatile housing market, many mortgage borrowers find themselves wanting to sell their homes but unable to get a sale price sufficient to pay off their mortgages. Others face increasing interest rates and/or financial troubles that put them at risk of not being able to make payments.
At my Hicksville, New York, law firm, the Law Offices of Scott R. Schneider, I help homeowners in trouble by explaining their options - such as short sales and workouts - and giving them dependable representation from a skilled attorney in negotiations with banks.
Contact me to discuss your options under real estate law.
Exploring the Short Sale Option
A short sale is an agreement between a mortgage lender and a homeowner that allows a property to be sold off to pay the mortgage in full. If the sale price is less than what is owed on the mortgage, the remainder of the debt is often erased.
Short sales have been made more convenient by recent changes in federal law and are particularly useful for people who need to sell a home as soon as possible due to divorce, relocation or inability to maintain the property.
I am an experienced real estate lawyer who can present a package to the bank to make it easier for them to decide whether to allow a short sale. I can make an effective case to them on your behalf.
Work Out Agreements for Borrowers
When you approach your bank directly about your payments, they may act inflexible. But banks know that foreclosure and debt collection are expensive. When they know you have an experienced attorney on your side, they may be more willing to work out alternatives.
Forbearance is one option that gives you a limited time period to catch up with arrears (late or missed payments). The bank also may be willing to modify the terms of your loan to reduce your interest rate and/or incorporate your arrears into the total loan amount.
There are alternatives to foreclosure. Contact me to discuss the options that may be available to you.
