Prodigy Real Estate - SI NY Real Estate Blog - Short Sale Information

With a recession looming, short sales may be on the rise again. Avoiding a deficiency judgment is a reason to seek one.

Posted by Anthony Licciardello on May 23rd, 2023

You can follow these procedures to prevent a deficiency judgment on a short sale of a home.

1. Recognize the Deficiency Judgment: When the profits from a short sale are inadequate to pay the outstanding mortgage balance, a deficiency judgment results. The lender has the option to use legal action to try to recoup the unpaid balance. It is essential to understand the deficiency judgment legislation of your state because they can differ.

2. Speak with an Attorney: Ask a real estate lawyer with expertise in short sales for guidance. They can assist you understand your options and rights while guiding you through the process. As a way to prevent a deficiency judgment, they might potentially bargain with the lender on your behalf.

3. Interacting…

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Why a short sale of your home is the way to go if you can’t make mortgage payments any longer.

Posted by Anthony Licciardello on May 23rd, 2023

When a home is sold for less than the outstanding mortgage balance, the transaction is known as a short sale. The borrower avoids foreclosure when the lender agrees to accept the money as full payment for the debt. The details on how long short sales stay on credit reports and why they could be preferable to foreclosure are provided below:

1. Length of Time on Credit Report: A short sale may be reported for up to seven years after the transaction date. Usually, the transaction is noted as "settled" or "paid in full for less than the full balance." Depending on the credit reporting agency and how they report, the precise time frame may change.

2. Benefits over Foreclosure: There are a number of benefits to choosing a short sale versus a…

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Short Sale Help

Posted by Anthony Licciardello on August 4th, 2011

Every day, I look at the pre-foreclosure list on Staten Island (lis pendens), and I can honestly say that the majority of these homes either never enter the market or, if they do enter the market, they don't sell at all.  It has come to my understanding that many homeowners never do anything about their situation.  In all honestly, I can see why; it's a combination of many factors: uncertainty of their financial situation, anxiety, failure, and embarrassment all factor into the lack of seeking help.  Now is as good a time as any to review the basics of a short sale.

What is a short sale?

When a homeowner can no longer afford to continually pay their mortgage, they have more options than having their property foreclosed.  One of those options is a…

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