Durante, Bock & Tota PLLC 914-245-6060
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Practice Area Information
Personal Injury
Family Law / Matrimonial
Business Law
Criminal Law / V&T
Landlord Tenant Law
Wills / Trusts / Estates / Probate
Collaborative Law Information
Collaborative Law
Mediation
Attorney Information
Aaron C. Bock, Esq.
Daniel R. Tota, Esq.
Albert J. Durante, Esq.
Melissa A. D'Ippolito, Esq.
Christine M. Murphy, Esq.
Robert J. Hoffman, Esq. Of-Counsel
Ingrid E. O'Sullivan, Esq. Of-Counsel
Angelo G. MacDonald, Esq. Of-Counsel
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2000 Maple Hill Street, Suite 206, Yorktown Heights, NY 10598

Short Sales and Workouts

Due to many different effects of the economy, financial situations and other reasons, home and property owners can often find themselves in a greatly undesirable situation regarding their home. If you are facing a difficult situation financially, then our firm may be able to help you through the process of a short sale in order to minimize your losses and help pave the way for a brighter future. A bank will only grant a short sale if you meet two qualifications:

  • You, the seller, have incurred a hardship.
  • You owe more on your mortgage than your home is worth.

Establishing what a hardship is can be difficult; the following are a few examples of hardships that the banks will recognize:

  • Unemployment or reduced income
  • Job transfer
  • Divorce
  • Death
  • Bankruptcy

Short Sale Process

The process of accomplishing a short sale begins with the seller preparing a financial package for the bank which will contain various documents and information such as W-2s, financial statement and a letter authorizing your agent to speak with the bank among other documents. You can then write a short sale offer, which will generally be less than the market value in order to encourage multiple offers. The process is then in the hands of the bank. If you are a purchaser, it is important to know that the process of buying a short sale home can take 90 to 120 days on average.

If you are trying to minimize your financial damage and losses through a short sale then do not hesitate to contact our firm. A Yorktown Heights real estate law attorney from Durante, Bock & Tota, PLLC will be able to assist you in the process of a short sale and help to make this as quick as possible in order to minimize the financial damage done to you.