When debt becomes unmanageable, it is necessary to find any way out of the hole that you are in. If you have fallen behind on your mortgage payments and are in danger of foreclosure, it may make sense to sell your property as a short sale. Although selling your home means that you will not keep your home, a short sale can help you avoid some of the credit damage that comes along with filing for bankruptcy or going through foreclosure.

At the law office of Paul B. Groman, our Brooklyn short sales lawyer has been helping financially struggling people throughout New York City for more than a decade. We are committed to helping you find the best solution to your financial problems.

Short Sales: A Brief Overview

The term “short sale” is thrown about a lot, but few people understand what it exactly means. Essentially, a short sale occurs when your bank or mortgage holder agrees to let you sell your home for less than what you owe on the mortgage. Ideally, the proceeds from the sale will then be used to clear your debt, including any outstanding amount. However, some lenders will still demand that any outstanding balance be paid off. That is why it is important to have an experienced Brooklyn debt relief lawyer negotiate on your behalf.

Other Alternatives to Foreclosure

A short sale is not the only means of avoiding foreclosure. Filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy can also provide debt relief and stop foreclosure. In some cases, it may be possible to get a loan modification that will lower your monthly mortgage payment and allow you to stay in your home. We will take a thorough look at your financial situation and help you determine what the best option is for you.

Contact Our Lawyer for More Information About Avoiding Foreclosure in Brooklyn, Manhattan or Any Other New York City Boroughs

If you are facing the threat of foreclosure in Manhattan or any other borough, we can help. Contact our attorney online or call 718-852-1196 to schedule an appointment to discuss your situation. Located in downtown Brooklyn, we are 10 minutes from Manhattan and convenient to nearly all local subway lines.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.