Queens Short Sale Lawyer
Bronx And Brooklyn Loan Modification Attorney
As a result of the current mortgage crisis and the dramatic increase in the number of property owners who cannot keep up with their payments, short sales and loan modifications have become increasingly prominent as alternatives to the worst-case scenario of foreclosure.
Queens short sale and loan modification attorney David B. Schachter has more than 30 years of experience helping clients resolve difficult real estate issues. We help clients throughout New York City negotiate with their lenders for both of these foreclosure avoidance options.
- Short sales: In a short sale, the lender agrees to let the property owner sell the property for less than he or she currently owes on the mortgage. The property owner does not have to go through a foreclosure, and depending on the short sale agreement, the rest of the debt may be forgiven. The bank, in turn, gets the property permanently off its books.
- Loan modifications: In a loan modification, the lender agrees to reduce the property owner’s monthly mortgage payment by reducing the interest rate, reducing the principal amount and/or extending the repayment term. Currently, many banks offer trial periods for loan modifications, but most are very reluctant to approve permanent modifications.
If you are facing the threat of foreclosure, it is important to act quickly to identify all of your options. In addition to negotiating a short sale or loan modification, you may also be able to restructure your loan and save your home by filing for Chapter 13 bankruptcy.
Call A Foreclosure Avoidance Attorney At 888-337-2679
Experienced real estate lawyer David B. Schachter can help you understand your rights and pursue the best possible outcome in negotiations with your mortgage lender. To schedule a free consultation for most matters , please contact our firm today at 888-337-2679 or by e-mail.