From his office in Lagrangeville, New York attorney Thomas J. Minotti helps people who are struggling to meet their monthly mortgage payments.
In some circumstances, homeowners want to surrender their home without being financially liable for the balance of the mortgage. If this is the case, choices include a short sale, or a deed-in-lieu of foreclosure.
In a short-sale, the lender agrees to let you sell your house for less than the amount of the outstanding loan. The lender will then take the proceeds from the sale, and forgive the remaining debt. A short sale is often used when the homeowner has had difficulty selling the home at market value, or when the house is now worth less than the amount of the outstanding loan.
In a deed-in-lieu of foreclosure, you agree to surrender the home to bank, who will sell it. You may qualify if:
If you're having trouble meeting your monthly mortgage obligations and have questions about how a New York loan modification attorney can help, contact the Law Offices of Thomas J. Minotti, P.C. today.
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