New York Real Estate
A New York Real Estate Lawyer from our team understands that real estate transactions can be very stressful. Whether it is a Purchase, Sale or a more complex transaction, our experience Real Estate Team is here to help you. Many Americans today find themselves financially strapped like never before. They may have done everything right, yet are looking at the very real possibility of a short sale or Foreclosure proceeding on their home. Recent statistics show that 22.5% of the homes in the United States are “underwater,” or are worth less than their underlying mortgage. If you have experienced financial difficulty, you may also be considering a Bankruptcy filing, or are having problems with Debt Collection. If you are having difficulty making your monthly mortgage payments, speak with a New York Real Estate Lawyer from our firm today.
If you are looking at the possibility of Foreclosure, it is important to be aware of possible options that may be available to you, such as a short sale. In a short sale, a home is sold for less than the loan amount. If you have a home that was purchased for $500,000., and later you sold the home though a short sale for $250,000., you would have a shortfall of $250,000. The key here is whether the lender will forgive the shortfall amount. In some instances, the lender may decide that foreclosure would make more sense. If the lender agrees to forgive the $250,000. difference, it can be a real help to a financially strapped homeowner. They will free themselves from a home that they cannot afford, and it may save the homeowner from a possible bankruptcy filing later down the road.
Another possible help to a homeowner in trouble is a loan modification. In this instance, your New York Real Estate Lawyer would work with your mortgage lender and negotiate more favorable terms on your existing home loan. The key here will be to prove financial hardship, such as a job loss, divorce or illness. Because of the housing crisis, lenders are more willing to work with homeowners and keep them in their homes if at all possible. It is important however, to work with your attorney on this. The loan modification process is very complicated and labor intensive. Failure to submit appropriate documentation can create substantial delays in your file being approved.
Often when a homeowner falls into arrears on their home loan, they are also behind in all of their other debts as well. If there seems to be no real financial solution in the foreseeable future, Bankruptcy may be an option. Depending on which chapter you file, Chapter 7 or Chapter 13, you can stop a foreclosure proceeding, and buy yourself some time. Often the homeowner is allowed to keep their home through state and federal exemptions, and can continue to make their monthly mortgage payments, as well as catch up on any missed payments.
If you need assistance with a real estate transaction, or are looking for ways to keep your home, avoid foreclosure, or perhaps are contemplating Bankruptcy, speak with a qualified New York Real Estate Lawyer or a Civil litigation Attorney from Stephen Bilkis & Associates, PLLC for advice. We will provide you with a free consultation and ensure that your rights are protected. We have locations in Nassau County and Suffolk County on Long Island, as well as Westchester County. In New York City, we have offices in Manhattan, Brooklyn, the Bronx, Staten Island and Queens. Call us today for an appointment at 800.696.9529.