The attorneys at Sutton Sachs Meyer have experience negotiating with lenders to arrange and complete short sales.
Homeowners who cannot keep up mortgage payments may find it efficacious to opt for a short sale, in which a private buyer will step in. Such an agreement can yield a highly competitive market price for the property buyer.
If the lender agrees to a sale — short of the amount to cover the full balance of the existing mortgage loan — the lender will release the lien, and will often agree in writing to forgive the remainder of the seller’s mortgage balance.
A short sale needs attentive oversight, to arrange timely consent of various parties. A successful short sale can:
- Keep the transfer of property to a new owner private (avoiding a public auction);
- Mitigate the negative credit impact of mortgage default;
- Offer the seller debt relief without negative tax consequences;
- Optimally, leave the seller in a viable financial position when the sale is accomplished;
- Reduce the time that would otherwise be spent in foreclosure for both seller and lender;
- Put the lender in a better position than it would be if the property had to be sold at auction after foreclosure.
Work with an attorney who knows New York and New Jersey laws pertaining to short sales. To discuss your goals, call Sutton Sachs Meyer at 212-480-4350, or fill out and submit our secure online form to arrange a complimentary consultation with an experienced short sale lawyer.