Short Sale v. Foreclosure in Massapequa
Knowledgeable Counsel Proudly Serving Massapequa, Queens, and Suffolk County
If you are facing the prospect of foreclosure, you are advised to consider the benefits of a short sale. The short sale will save you a deficiency judgment and also avoid having a foreclosure on your credit report. An experienced Massapequa real estate attorney can help guide and advise you through this often complicated process.
Short Sale & Foreclosure
When a lender completes a foreclosure and then sells the property at a sheriff’s sale, the lender usually takes a staggering loss. This is because such sales rarely attract buyers willing to pay more than a fraction of the property’s true worth. If the lender buys the home itself at the sale, they are then stuck with a home that they will have to board up and eventually find an investor to buy at a discounted price. In any event the lender loses money and is inclined to sue the borrower for a deficiency judgment for the loss. For the borrower this may result in wage garnishments and execution on bank accounts.
A short sale is more to the lender’s advantage. This is because:
- A new homeowner takes over and the lender receives a considerable portion of its money back.
- If making the loan itself, lender receives a new source of income.
- The borrower is able to locate a good short sale buyer, to everyone's advantage.
With professional legal assistance from our Nassau County real estate law attorney, you are likely to win the lender’s approval and get more favorable treatment.
Foreclosure Lawyer in Massapequa
At James J. Quail & Associates, P.C., we help clients facing foreclosure in the Long Island area. We counsel clients on the alternatives to foreclosure and assist them to stay in their homes with foreclosure defenses or loan modifications. Where these options are not practical, we help the client seek a short sale. We then aggressively promote to the lender acceptance of the sale on terms favorable to the client. We urge in particular that the lender waive compensation for deficiency and hold back from filing negative credit reports.