Waiver of Deficiency: Short Sales in Long Island
Short Sale and Deficiency Waiver Information
Did you know that even if you sell your home in a short sale, you could be held responsible for the money still owed on your mortgage? Selling your home in a short sale does not solve absolve you of all financial responsibility unless you obtain a letter from the lender waiving any deficiency. The lender may allow a short sale for an amount th at is less than the amount owed, but could still demand the balance of the shortfall between the mortgage and the final sale - often tens or hundreds of thousands - after the short sale is complete. A Long Island foreclosure defense lawyer from Blutter & Blutter will carefully negotiate all terms of a short sale. The attorney from the firm will be focused on your rights, your interests and your finances when negotiating your short sale. Obtaining a waiver of deficiency is a crucial aspect of any short sale negotiations , as well as ensuring that any other required documents are in order, allowing you to move forward without future financial burdens. Determining any tax ramifications is part of the process, and the firm has exceptional qualifications and credentials to advise you about this critical aspect of a short sale.
Short Sale Lawyer in Long Island
The attorneys at the firm have extensive experience and knowledge in the area of real estate and bankruptcy laws. The firm is well-versed in all of the steps that are necessary in order achieve a short sale that protects you from future financial obligations. If you do not obtain a waiver of deficiency from your lender, you may still be responsible for the remainder of the balance on your mortgage. The firm has over 50 years of combined legal experience, and includes an attorney who is also a CPA, and very competent in all matters surrounding tax law and other matters that will affect your short sale. The firm is small enough to handle each case on an individual, personalized basis, but large enough to devote the necessary time and resources to larger, more difficult cases.
Contact a Long Island foreclosure defense lawyer to help negotiate your short sale and obtain the essential waiver of deficiency for your home.