What is a Short Sale? How is it Different from a Foreclosure?

short sale lawyer Long IslandEach year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”

Landlord & Investor Q&A Presented by Attorney Jim Clark for March 2019

In this segment, Jim Clark, Partner with Blodnick, Fazio & Clark, answers the most popular questions that come up through his interactions with landlords and real estate investors through his presentations to local organizations, networking, one on one conversations as well as direct posting through his web site and social media. Continue reading “Landlord & Investor Q&A Presented by Attorney Jim Clark for March 2019”

Buying A Foreclosed Property May Lead To Eviction

In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”