Practice Area

Short Sales & Foreclosure

Navigating Short Sales with Expertise

Foreclosure is a legal procedure wherein the property is seized from the homeowner and subsequently sold by the lender to recoup the outstanding mortgage debt and eliminate the lien on the property. This occurs when property owners find themselves owing more on their mortgage(s) than the current market value of their property.

If you’re a homeowner contemplating a short sale, it’s crucial to engage the services of an experienced real estate attorney. Pun & Associates’ New York Real Estate attorneys will work in your best interests, offering top-notch legal counsel to effectively guide you through the complex short sale process.

At Pun and Associates, we are here to assist you in understanding how the foreclosure processes work, navigating New York and federal laws about foreclosures, and ensuring your best interests are prioritized throughout the entire proceedings.

Tailored Legal Advice

Every short sale situation is unique, and our approach reflects that. The short sale agreement stands as one of the most pivotal and intricate legal documents within the short sale procedure, encompassing all the details of the transaction and delineating the rights and responsibilities of each party involved. These include various aspects such as the listing price, deductions from the sales price, cancellation clauses, property maintenance responsibilities during the listing, submission of the sales contract, release of personal liability, suspension of foreclosure, and conditions for contract termination.

Due to the comprehensive nature and intricate legal nuances contained within this contract, our legal experts invest the necessary time to dissect its contents thoroughly. Our goal is to ensure that you gain a complete understanding of all facets of the short sale. We provide tailored legal advice specifically designed for each individual circumstance. Our experienced team works diligently to explore alternative solutions, aiming to find the best outcome for our clients.

What We Do for Short Sale and Foreclosure Purchasers

Assessing legal/financial aspects to guide the purchaser on short sale/foreclosure risks and benefits.
Negotiating sale terms with the seller’s lender for short sales or auction bids.
Performing due diligence, including title searches, to uncover liens or legal issues.
Explaining transaction documents for clear understanding of purchaser rights and obligations.
Ensuring compliance with jurisdiction-specific short sale and foreclosure laws.
Coordinating with involved parties (banks, brokers) to streamline the transaction.
Advising on financing and secure favorable loan terms for the purchase.
Handling lender negotiations to achieve an agreeable purchase price in short sales.
Protecting purchaser interests, negotiating warranties in “as-is” sales.
Facilitating closing, ensuring legal and financial readiness for ownership transfer.

What We Do for Short Sale and Foreclosure Sellers

Evaluating seller’s financial and property status for short sale or foreclosure advisability.
Negotiating short sale approval or foreclosure alternative loss mitigation options with the lender.
Submitting short sale documentation, including hardship evidence and financial details.
Handling buyer offers and lender requirements for short sales.
Advising on legal and tax consequences of short sales or foreclosures.
Representing the seller in all negotiations to optimize outcomes.
Coordinating with real estate agents and title companies for transaction smoothness.
Ensuring legal compliance in short sale or foreclosure processes.
Protecting seller’s interests, minimizing legal and financial impacts.
Facilitate closing, ensuring proper document execution and legal compliance.

Providing Full Support and Peace of Mind

Our New York Real Estate attorneys possess great proficiency in the intricate legal landscape of short sales and can instill confidence and peace of mind in sellers. They prioritize the homeowner’s best interests, safeguarding them from lenders or other entities that may try to take advantage on financial hardships of the homeowner.

Furthermore, our experienced lawyers will handle all communications related to short sales, alleviating the stress associated with payment demands, creditor harassment, and other stressors.

Choosing a short sale is an important decision. If you find yourself in this situation, it is imperative that you hire a real estate lawyer well-versed in the short sale process. This ensures you have the necessary support and tools to make an informed decision in navigating this intricate matter.

Pun & Associates, Your Trusted New York Real Estate Attorneys

For more information on how Pun & Associates can assist you in short sales or foreclosure matters, please reach out to our law firm. We are here to provide the expertise and guidance you need to find solutions and move forward.

Welcome to Pun & Associates – Your Trusted Partner in Real Estate Challenges.

Call us today at (347) 814-6889 or contact us online to schedule a consultation with one of our attorneys.

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What Our Clients Say

     Excellent  
     Based on 84 reviews 
    
 
 
   
 
 
        
   Alliah Rozan-Zevelev 
 2024-02-22
 
 
 Trustindex verifies that the original source of the review is Google. We closed on our home in August 2023 in Nassau County, when I was 36 weeks pregnant. Shearon made the whole process from contract stage to closing seamless, answering all our questions as first time buyers.  Highly recommend!
  
 
       
   Justin H 
 2024-01-15
 
 
 Trustindex verifies that the original source of the review is Google. I have worked with Pun & Associates on multiple transactions and varying degrees of complexity. The team consistently provides great service, above and beyond expectations. They take the time to walk you through the process and are able to explain topics in a clear and concise manner. They have high attention to detail and treat clients with professionalism and respect. Rest assured, The Pun & Associates Team will help you successfully navigate deals while removing the stress from those on the other side of the transaction.
  
 
       
   Lovely Chen 
 2024-01-11
 
 
 Trustindex verifies that the original source of the review is Google. I am pleased to recommend Pun & Associates to my fellow buyers and sellers. This firm is not only professional in its service they add a personal touch that makes you feel safe and secure. They look out for your best interests. Shearon, Lily, Gary and Sandy are warm, patient, cooperative, meticulous and most importantly, well informed. They know the law. They've done 3 closings for me. Each went smoothly. More are on the way as I embark on a mission to purchase half the properties in Queens. Hook up with these guys. You will be completely satisfied.
  
 
       
   JIN CHEN 
 2024-01-09
 
 
 Trustindex verifies that the original source of the review is Google. I was the first time purchasing a condo unit in NYC. I had no idea how the purchasing process going as it could be complicated. Thanks to the professional service from Pun & Associates. They are able to walk through the closing process and do the due diligence to protect buyers rights. They are extremely patient to answer our questions. Importantly, they replied our email fast. It is totally worthy to have them be part of the consultant team. Recommended!
  
 
       
   Anthony L 
 2024-01-05
 
 
 Trustindex verifies that the original source of the review is Google. When what should have been a simple contract and closing turned into a months-long ordeal, Shearon and Wilson stepped in with the sharp minds and steady hands of seasoned professionals. The opposing counsel threw up roadblock after roadblock, but Shearon and Wilson navigated each hurdle with a combination of legal expertise, unwavering professionalism, and a genuine understanding of our concerns. They never lost their cool, even when tempers flared on the other side, and kept us informed and involved every step of the way. Their family business roots shone through in their collaborative approach and unwavering support. More than just legal aid, they felt like partners in the process, and I have no doubt they'll be by my side for future closings too. Highly recommended!
  
 
       
   Kent C 
 2024-01-05
 
 
 Trustindex verifies that the original source of the review is Google. I have great experience w Pun & Associates legal team in closing my residential apartment at Forest Hills. They are very professional, friendly, great attention to details and efficient. Definitely to recommend!
  
 
       
   Frank Yu 
 2024-01-04
 
 
 Trustindex verifies that the original source of the review is Google. It is very important to have a group of experienced attorneys helping you to go through the legal process of complex real estate transactions. Pun & Associates is my go to legal advisors for all my Real Estate Transactions. Shearon is great on all residential transactions where as Wilson is strong in commercial transactions.  I strongly recommend them.
  
 
       
   Michael C 
 2024-01-03
 
 
 Trustindex verifies that the original source of the review is Google. Compared to a lawyer that we hired before, Shearon is much better; we will hire her to sell our property later on.
  
 
       
   Joann P. 
 2024-01-02
 
 
 Trustindex verifies that the original source of the review is Google. I had the pleasure of working with Shearon Ramnarine-Jokhai recently and would highly recommend her services. She and Sandy Chen at her office were extremely professional and quick to answer every question I had about the timeline and process. They were both very patient and great about explaining different parts of the real estate process. All the interactions I had w/ Pun & Associates have been friendly and highly professional. Thank you so much.

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