Loan Modification Law in New York
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Avoiding Foreclosure in New York: Short Sale

The poor economy and volatile credit market have caused many homeowners to default on their mortgages. If you’ve fallen behind on your mortgage payments, there is a good chance you will be issued a notice of foreclosure, if you haven’t already.   When faced with foreclosure, it’s important to address your situation head on, and look for ways to avoid foreclosure.  Consulting with an experienced New York foreclosure attorney is an excellent way to determine what your best options are for fighting foreclosure.

Short Sales and Foreclosure

For people faced with foreclosure, a short sale may be a good option.  In a short sale, the lender agrees to sell the property at its current market value, and accept the sale price in full, writing off any type of financial loss.  A short sale will halt the foreclosure of a property and prevent the lender from suing the homeowner for the money still owed on the home.

Even though the lender loses money by accepting less than what is still owed on the home, a lender may agree to a short sale if you are experiencing economic hardship.  However, not all lenders will agree to a short sale.  If you are interested in avoiding foreclosure by means of a short sale, it’s important to speak with an experienced New York foreclosure defense lawyer who can negotiate with your lender and get them to agree to a short sale.

Contact a New York Short Sale Lawyer

The importance of finding a qualified attorney to help you fight your foreclosure cannot be emphasized enough.  A short sale is a complex process that requires you to demonstrate that you are unable to continue making mortgage payments, while at the same time also proving mortgage fraud was not committed when you first obtained the loan.  To ensure the short sale process goes as smoothly as possible, it’s best to work with a skilled attorney as soon as possible.

At Jacoby & Jacoby, we can review your financial situation, as well as the terms of your current mortgage loan, to determine if a short sale is a good option for you.  We have extensive experience defending people facing foreclosure in New York, and can provide you with the advice and guidance you need to make decisions that serve the best interest of you and your family.  By working with an experienced New York foreclosure defense attorney at our firm, we can help you take the necessary steps to stop a foreclosure before it’s too late.

To learn if a short sale is right for you, please contact a New York short sale attorney at Jacoby & Jacoby today!

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