Your Short Sale Specialists
Considering a short sale? An experienced short sale attorney can assist you in your decision to make sure you’re doing what’s right for you and your family as well as ensure that no financial responsibility to your lender exists after the sale.
Our goal is to assist you with the sale of your home and try to get you some money to assist you with moving.
In a short sale you sell your home for less than the amount you owe on the mortgage. This is a great option if you are:
- Unable to afford your home
- Can’t get a loan modification
- So far underwater that there is no incentive to pay your mortgage
The key to a short sale is that you walk away from your home without owing the bank any money. This is not always possible. Every situation is unique and your income and assets many times determines what a bank will allow.
The federal government is also now providing resources to assist with short sales under the Home Affordable Foreclosure Alternatives (HAFA) program. HAFA can assist with money for the sale and may even cover some moving costs. We can get you access to the HAFA program.
Numerous pitfalls accompany this process, which is why you need a competent professional on your side. At the Law Office of Peter Spino, Jr., Esq. we will protect your interests and our long track record with short sales places us a cut above other legal service providers.
Mistakes Made By Attorneys and Real Estate Brokers in a Short Sale
Often representatives in a short sale can fail to:
- Explain to all parties involved the process and length of time this a short sale can take (anywhere from 3 months to a 1 year)
- Submit documents in a timely manner thereby delaying the process for months
- Follow up with the bank to check on status on a regular basis
- Send a short sale package to the second mortgage company
- Properly clear or negotiate IRS liens on the property
- Clear or negotiate judgments attached to the property
- Secure a waiver from any potential deficiency judgment
- Aggressively manage the short sale process so the home is not foreclosed on during short sale negotiations
- Ask the bank for money to assist with moving expenses
- Tell you about potential tax liability and advise you to speak with an accountant
We have had clients come to us after all of these issues have occurred and we have helped each one of them in their short sale process.
The two main issues regarding shorts is that you are able to walk away from the home free and clear with a waiver from the bank and that you are aware of any potential tax liability. Any money forgiven by a bank from a mortgage in a short sale may be counted as ordinary income.
Every homeowner who is working on a short sale should speak with an accountant.
Free Short Sale Consultation
We represent each client with integrity and trust and years of experience with the New York legal system.