Long Island Short Sales, Nassau Short Sales, Suffolk Short Sales

Long Island Short Sales

WHAT IS A SHORT SALE?
A Short Sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what they owe. We are experts in helping your find and successfully negotiate a short sale. If you have questions about selling your home as a short sale Click Here.

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Under $300,000

Under $300,000

 $300,000-$400,000 

 $300,000-$400,000

Over $400,000

Over $400,000

 
Are you at risk of foreclosure and losing your home?
Foreclosure doesn't happen overnight

Have you missed your house payment? Or Haven't missed a house payment yet, but afraid you might?

Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?

 - Is your credit card debt becoming unmanageable?
 - Are you using your credit cards to buy groceries?
 - Is it becoming difficult to pay all your monthly bills on time?

If it’s becoming harder to make your house payment each month:

 - Contact one of our skilled counselors who can guide you thru your options.

Few people think they will lose their home, they think they have more time.

Here's how it happens. Note: Timeline varies by state.

 - First month missed paymentyour lender will contact you by letter or phone. A housing counselor can help.

 - Second month missed paymentyour lender is likely to begin calling you to discuss why you have not made your payments. It is important that you take their phone calls. Talk to your lender and explain your situation and what you are trying to do to resolve it. At this time, you still may be able to make one payment to prevent yourself from falling three months behind. A housing counselor can help.

 - Third month missed paymentafter the third payment is missed, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. You still have time to work something out with your lender. A housing counselor can still help.

 - Fourth month missed paymentnow you are nearing the end of time allowed in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount or worked our arrangements you will be referred to your lender's attorneys. You will incur all attorney fees as part of your delinquency. A housing counselor can still help you.

 - Sheriff's or Public Trustee's Salethe attorney will schedule a Sale. This is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. This is not the move-out date, but the end is near. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.

 - Redemption Periodafter the sale date, you may enter a redemption period. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale.

Important: Stay in contact with your lender and get assistance as early as possible. All dates are estimated, and vary according to your state and your mortgage company.

We provide sellers with a comprehensive proven system to help sell your home. We will use our proven formula of assembling our team of professionals to help you get out from under the burden of your home. We are not new comers entering the market to prey on distressed home owners, and will be gone tomorrow. Our system has made Elliman the #1 Short Sale Real Estate Brokerage on Long Island. We will provide you with all of the resources you need to complete the transaction, and help you with your relocation needs.

To get Started CLICK HERE.

Selling Your Home as a Short Sale:
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose.

As real estate agents, we are not licensed as a lawyer nor a CPA and cannot advise on financial, tax or legal consequences. We are agents working with Long Island's premiere Real Estate company, Douglas Elliman Real Estate. We have a vast network of resources, and a caring team of agents who will work with you offering you personalized service and support from start to finish.

For a free no obligation, no pressure consultation call us at 631-777-4663.

 

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