Futterman, Sirotkin & Seinfeld, LLP Aggressive | Experienced | Knowledgeable | A Full Service Law Firm
Free Consultations *
For Personal Injury and Medical Malpractice Matters Only
toll free: 866-679-2513
Kew Gardens: 718-577-2573
Woodbury: 516-681-0250
New York: 212-223-2767
Main Menu

Thank you so much for all your help. You are a true God send and I feel blessed for having your assistance. Wishing you and your family well wishes and a Happy New Year too!

Thank you for “services rendered” to my complete satisfaction. On that note, a special thank you to Judy Ramirez and Veronica Fuentes for their many contributions. With your knowledge and experience...

Thank you for doing such a great job representing my son on the purchase of his condo. As I am sure you could tell, he was very nervous about the whole thing, been waiting for the other shoe to...

On behalf of the family of the Estate of Marlene U., I would like to express my sincere gratitude to the law firm of Futterman, Sirotkin & Seinfeld, LLP for its unwavering commitment...

I feel blessed that somehow your firm in and my life crossed because the result is the quality of my mother’s life in respect to current and future needs is secure …

Dear Martin and Ira, thank you so much for working so hard on my case for so many years. My life changed 10 years ago when this occurred. I'm glad this chapter of my life has closed.

Just wanted to express how happy I am with your firm. I have known you for over 15 years starting with the purchase of my first home and when I continued utilizing your services when...

Words can not fully express how grateful and impressed I am with your outstanding services. Working with you and your staff not only made me feel comfortable and reassured but ...

I wanted to express my sincere gratitude for your efforts over the last two years regarding my case. Your attention to the details surrounding-my case was second to none...

Me sentir bien comoda con mi dos abogados, el Sr. Martin y el Sr. Futterman, que me trataron mi caso con mucha delicadeza y puecieron mucho tiempo en mi case

Read More Testimonials
Practice Areas Menu

How a short sale works in New York

If you are having problems making your mortgage payments on time, you may be considering various solutions. The best option for you depends greatly on your individual circumstances and priorities.

For some New York homeowners, a short sale may present the best way to handle financial difficulty. As with other types of real estate transactions, negotiating a short sale can be a complex process with potential tax consequences, so qualified legal help is important to avoid potential pitfalls along the way.

What is a short sale?

Basically, a short sale can happen when a mortgage lender agrees to let you sell the house for less than the amount of the mortgage you owe and to accept that amount in full satisfaction. Doing so can become necessary if the home's current appraised value falls below the amount you still owe (otherwise you could just sell your house normally and pay off the mortgage). You can begin negotiating a short sale before you begin missing payments.

Why would a lender agree to a short sale?

Even though accepting a lower amount in payment of your debt can seem counterintuitive for a lender, in many cases doing so can make financial sense, especially when the alternative is foreclosure. Foreclosing a property can entail costs to the lender and take a long time, during which the lender continues not to receive any payment at all. Even when the house finally goes to foreclosure auction, the lender still has no guarantee the sale price will cover the amount of the owed mortgage.

Advantages for homeowners

For homeowners, the quickness of the process also offers advantages. Foreclosure can be a drawn-out process that shows in public records. Deciding on a short sale before you miss too many payments can help you avoid stress from the lender's attempts to collect missed payments.

Credit issues

Many people worry about the credit consequences of a short sale. While the lender may report the short sale to credit bureaus, generally speaking, a short sale's effect is less than that of a foreclosure, especially if you do not miss payments.

No Comments

Leave a comment
Comment Information

Privacy Policy | Law Firm Marketing by FindLaw, a Thomson Reuters business.