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Short Sales

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If you are faced with mortgage problems, a short sale may be able to help you avoid foreclosure. A short sale is a negotiated agreement between the homeowner and the lender to protect the homeowner from losing their home to foreclosure. Often, the property is transferred to a buyer for a price that is less than the mortgage amount owed by the seller of the property. A short sale can be used to avoid or resolve an unpaid mortgage, an unaffordable home, or foreclosure proceedings. An effective short sale provides the homeowner with permanent financial relief without negative tax consequences.

A short sale can be complicated, and an experienced debt relief attorney can help you ensure that your short sale is as effective as possible. At the Law Office of Simon Goldenberg, PLLC, we are dedicated to helping our clients escape the burden of debt.

Contact our New York debt relief attorneys to learn how we can help.

Short Sales & Debt Relief

If the lender and any parties with a lien on the property agree, a short sale can be used to earn a large portion of the debt that is owed on the property. A short sale will rarely net the entire amount of the debt owed or the full value of the property, but the proceeds of the sale can be used to pay back part of the debt and prevent foreclosure.

Because short sales require the consent of multiple parties, they can be exceedingly difficult to accomplish. Rarely do banks or debt companies approve a short sale before a buyer is found, so it can be difficult to find a buyer and receive consent. In the worst case scenario, the homeowner will be left without their home and still responsible for the debt of their property. Because this is a very real risk, it is important to ensure that you seek the assistance of a debt relief lawyer who has handled short sales.

For a short sale to provide a real financial solution for a homeowner, it must:

  • Leave the seller completely forgiven of the shortfall money in writing before the sale is completed.
  • Leave the seller without other overwhelming debts, such as medical bills, taxes, or credit card debt.
  • Not result in taxable gain to the seller as a result of the debt cancellation.

Speak To a Debt Relief Attorney Today - (888) 301-0584

If you are considering a short sale to free yourself of property-related debt, consult our New York debt relief lawyer. At the Law Office of Simon Goldenberg, PLLC, our caring team is ready to help you achieve a better tomorrow. We can help you protect yourself from the burden of foreclosure.

Contact our offices today. Call (888) 301-0584 to request a free consultation.

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