Hi BrooklynCyclone,

A short sale is more than likely the only strategy available to you if you're not interested in remaining in the home.

In addition, a short sale is advisable when you are an owner occupant in order to avoid receiving a 1099 from your lenders representing the difference between what was paid off and the balance remaining, and ascribing as income that the IRS will levy a tax on.

Every real estate practitioner in NYC has varying levels of experience in producing these transactions for owners in your position to insure you receive a letter of satisfaction from your mortgage lenders.

Many of the larger Brokerage Agencies in NYC have few agents in their ranks capable of this, as it's fast becoming a specialty business practice in real estate.

There are also quite a number of law firms that offer real property short sales services, but do not handle the one area needed by property owners: valuation and marketing of property.

You'll need to sit with a number of real estate brokers to evaluate their real capacity for producing this transaction for you (and be wary of brokers who attached their services with a law firm,...their fees are exorbitant and most lenders won't pay them)

Our firm has handled 14 short sales this year, all while accomplishing the all important letter of satisfaction for our clients.

Choose your service provider wisely.

Hello, actually the simple answer is not YES! The fact is, my partner and I closed a few short sales in the past 2 1/2 years and the bank will ask for a package. One of the first requirements of this package is to provide a hardship letter, explaining why you are not able to pay your mortgage. You have to have missed a few monthly payments and have a REASON why you cannot pay what you owe and why you cannot make future payments.

Call my partner Pierre King, who knows how to expedite a short sale and he can speak to you in depth.

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, New York
Cell: 646-725-5941
My Site: http://www.KandHhomes.com
Email: HelpMeRhonda1919@Yahoo.com
*JOIN ME ON TWITTER.COM AT: http://www.twitter.com/helpmerhonda09

Its that simple! Yes it can work! No problem!
The truth is you couldnt possibly, possibly answer this question without knowing a ton more. How much time do you have to sell. Do you have a purchaser. What is the purchaser's assets look like. Are you behind in payment, and how far behind? Do you have assets in your name. I am an attorney and therefore not looking to pitch anything but my suggestion is that you speak with several people with respect to this before moving forward. Depending on your financial status, it may make sense to walk away (just general advice, not legal). In any case, contact your bank on several occasions (different reps) and see what they look for, etc. Hope this helps.

Yes a short sale can work I gather the bulk is to the first ,well lets start with the begining You need a agent who knows how to price a short sale number two we need to see if water property taxes are up to date and three you need an agent who knows how to negotiate with both the first and second. I can speak with you in confidence and go threw the whole process. The bulk of my business is short sale work you can reach me at 718-256-4000 ext 105

Steve Seidman
EXIT Realty Top properties