Short Sale
A sale of real estate in which the proceeds from selling the property fall short of the amounts owed and the property owner cannot afford to repay the full amounts.
In a properly negotiated short sale transaction, all lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
A short sale is often used as an alternative to foreclosure. It reduces additional fees and costs to both the creditor and borrower and minimizes the negative credit implications.
The only real requirements for a short sale are:
1.A financial hardship preventing you from paying your mortgage note.
2.Your house is worth less than what you owe.
What are the benefits of a short sale?
You can avoid any deficiency amounts with a well negotiated short sale.
The Mortgage Forgiveness Debt Relief Act will prevent the need to claim any short amounts as taxable “gain.”
You may sleep better at night knowing who is buying your home.
You will spare yourself the social stigma of the "F" word, foreclosure.
Contrary to popular belief, you can be current on your payments and still effect a short sale.
Your home sale will be handled like any other home sale.
You are in control of the sale, not the bank.
For more information, contact an advocate today at (888) 211-0662. Our hours of operation are Monday-Friday 8:30am-7:30pm EST.
DISCLAIMER: Home Relief USA LLC D/B/A NYS Home Relief is a privately funded company with owners who are real estate agents associated with Keller Williams, a New York licensed real estate broker and does not offer legal or accounting advice. The company self-funds its home owner assistance program by committing a portion of its earnings from its real estate services. The company is privately owned, for profit, and is not associated directly or indirectly with any local, state, or federal governmental agency or program. For certain services, it may direct you to an attorney who may be able to assist you if you are a New York resident. Our goal is to assist you in obtaining such services without any required upfront outlay of money. For more information, visit https://www.nyshomerelief.org/disclaimer. The company cannot guarantee any outcome. Before entering into any agreement, it is recommended that you get legal advice from an independent attorney.