New York and Florida Short Sale
Attorney
A
short sale in real estate is not
optimal for a homeowner. The proceeds from the sale of your house belong to the
bank in order to satisfy your debt, leaving you with no profit from your
investment. Many short sales leave a deficiency balance for which you're
responsible. This transaction is contingent upon the sale of your home to
someone who is not your alter ego. Unfortunately, you can not receive any money
and it is usually performed in short period of time. With a NY or Florida short sale,
you not only lose ownership of your home, but you run the risk of ruining your
credit.
Though this may be a viable choice in your situation, it
is my least favorite option. The homeowner is the only one who loses. The real
estate broker retains their profit and fees and the purchaser benefits from your
hardship.
Be
careful, as short sales in Florida and New
York are where most of the
mortgage fraud happens today. The buyer will purchase your home at a discount
and pay your bank with funds from someone who is buying in the next room for
hundreds of thousands of dollars more. If they promise you money under the
table, that is fraud. You don't want to be part of
that.
Alternatives to Short Sale in
New York or
Florida
A
better option would be a deed in
lieu of foreclosure, if that can be
negotiated, which allows the borrower to convey, or transfer, all
interest in real property to the bank in order to satisfy the defaulted loan and
avoid the foreclosure process. This is far better for both the borrower and the
lender than a short sale. The borrower is not only released from the debt, but
it is less damaging to their credit. For the lender, this process is less
time-consuming and less expensive.
We can help you make decisions about what to do with
your home when you find you can't make your mortgage payments. If you are
thinking about a short sale in Florida or New
York, we can discuss the details
with you so you fully understand the ramifications of this
decision.
