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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

Partner Daniel Tota quoted discussing Short Sales in Westchester County

Daniel Tota, a partner and real estate attorney at Durante, Bock & Tota P.L.L.C. in Yorktown Heights, said he is selective in taking on short-sale sellers or buyers as clients. "There are a lot of pitfalls," he said.

Getting the bank's approval of a short sale – which removes the lien on the mortgaged property – commonly takes six to eight months, Tota said. "There's so much uncertainty," much of it caused by lenders with their different approaches and their changing demands in the course of a deal, he said.

"The general idea is that you're trying to create a situation where the offer to the bank is better than any alternative that they have" through foreclosure, Tota said. "Unfortunately, not all banks think rationally and logically."

Publication: Dontforeclosesellinstread.com

http://blog.dontforeclosesellinstead.com/2012/04/13/short-sales-rising-in-westchester/