FAQs

Q:		What are your fees?
A:		First, there is no Real Estate commission; it is paid by the lender as part of their loss. The only fee you pay is to the attorney, which is always the case in the state of New York. It is higher than the typical attorney fee for a typical closing, but it is worth every penny given the consequences. Attorney fees are determined after a free consultation and are reasonable. Rest assured that we are aware that you may in be bad shape financially.
Q:		Won’t a short sale also hurt my credit?
A:		Losing your home to foreclosure is the worst thing that can happen to your credit. Our typical short sale clients do have late payments on their credit (that is why they need to sell in most cases), but no bankruptcy or foreclosure, which is a far more cataclysmic event. Often, they are ready to buy a home again in about 2 years, often less. That is a far better outcome than foreclosure.
Q:		Do I Have Any Liability After a short sale?
A:		Typically not. There was a tax liability on forgiven debt, which the IRS viewed as income, but laws have changed on owner occupant homes. Some lenders will try and have the homeowner pay a small unsecured note on a portion of the loss, but that is rare. The vast majority of your clients walk from closing with the slate clean.
Q:		How Long Does The Process Take?
A:		Some lenders are slower than others- remember, the banking industry is in disarray itself. It is typically a multi-month process, but we can expedite things by making sure your hardship package and documentation for the lender is complete and organized, and we are relentless in our follow up. Most lenders delay the foreclosure date when we submit short sales to them.
Q: Why would a lender take less than what they are owed? Why wouldn’t they just foreclose? A: For the bank a short sale is the lesser of two evils. They lose less money than incurring the additional expenses of legal fees, eviction, carrying the property, paying more taxes, and ultimately paying a commission on a home that is even more devalued in their REO inventory. Banks do not want to own real estate. Q: We are under terrible stress. Should we do a deed in lieu instead of a short sale? A: We understand the terrible heartache that financial problems pose. Sometimes, however, the quick fix hurts more in the long run. A deed in lieu is just a voluntary foreclosure and still causes severe damage to your credit. If you want to preserve your credit as much as you can, a short sale is the way to go. . Q: Do you serve my area? A: We serve virtually all of New York State and Connecticut. Whether you live in Long Island, Rochester, New York City, Albany, Brooklyn, Buffalo, the Hudson Valley or places in between we can help you. We also serve all six counties of Connecticut. You can always call or email us if you are unsure. We’ll get the job done and get you back in control of your life.

Contact us
jphilip@jphilip.com
(866) 343-2889

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