Search Site
Menu
A Short Sale Is A Viable Alternative To Foreclosure
On behalf of Rubin & Licatesi, P.C. posted in blog on Tuesday, August 29, 2017.

A short sale is one possible alternative to a foreclosure. If you’ve found yourself unable to pay your mortgage, it’s possible to reach out to the lender to discuss a possibility for a short sale. If your home is underwater, which means it’s worth less than you owe, the short sale can help you sell the home for less while not having to make up the difference in the sale price and what you owe.

Short sales are preferred to foreclosures because they help the lender get a fair market price for the home. If a home goes to a foreclosure auction, it’s less likely that the home will be sold for a fair price. Many foreclosures sit on the market for a long period of time, and since they’re empty, the home deteriorates. That doesn’t happen with a short sale.

What can you do to make sure the lender approves your request for a short sale?

There are a few things you can do including sending in information about your current pay or salary. Typically, the lender wants to see that you are unable to make your payments and are looking to resolve your debt. A list of liens and proof of your income aids in proving your side of the argument. Additionally, you should include a comparative market analysis, since this shows the amount your home is worth in the area compared to what you owe. If a significant difference is shown, then the lender is more likely to understand and approve your short sale application.

Short sales are a better option over a foreclosure, although they can take many months to close. Once you have a potential buyer, the lender will decide if the offer is fair and whether or not the sale can continue and resolve your debt.

Verdicts & Settlements

Over $100 Million in Verdicts & Settlements For Our Clients

  • $8 Million

    Plaintiff sustained a series of fractures and other injuries to the right shin, heel and foot, requiring nailing of the right tibia with two proximal and two distal locking bolts, ultimately resulting in below-the-knee amputation

  • $3 Million

    Infant plaintiff sustained encephalopathy as result of DPT vaccination administered by NYC Health and Hospitals Corporation.

  • $1.7 Million

    Plaintiff was involved in a car accident resulting in multiple disc herniations requiring percutaneous fluoroscopic-guided epidural treatment and lumbar fusion laminectomy.

  • $1.3 Million

    47 year old male police officer injured as a result of surgical malpractice by an orthopedic surgeon resulting in an inability to work and permanent impairment of gait.

  • $2 Million Dollar

    Wrongful death case settled at the Appellate level, 44-year-old husband and father drowned while swimming in a municipal pool.

Watch Our Videos
Meet Our Team
  • NYSTLA
    Nasaau County Bar Association
    NYSBA
    Queens County Bar Association
    ABA
  • ATLA
    Martindate Peer Review Rated
    Avvo Live Rating
    Avvo Live Reviews
    Avvo Clients Choice 2018
  • SuperLawyers
    US Union Network
    TNTL Top 100
    Top Attorneys NY Metro 2019
     
  • NYSTLA
  • Nasaau County Bar Association
  • NYSBA
  • Queens County Bar Association
  • ABA
  • ATLA
  • Martindate Peer Review Rated
  • Avvo Live Rating
  • Avvo Live Reviews
  • Avvo Clients Choice 2018
Contact us

Quick Contact Form