Short Sale Help — Queens, Brooklyn & Long Island

If you owe more on your mortgage than your home is worth, and you can no longer afford to stay, a short sale can help you walk away with your credit largely intact and avoid a foreclosure judgment on your record. Nitin Gadura negotiates short sales with lenders so you don't have to.

Nitin Gadura — Short Sale Listing Broker

Licensed NY State real estate professional · (917) 705-0132

No upfront fees to you. Lender negotiation. Hardship package assembly. Coordination with your foreclosure-defense attorney. Marketing built for the short-sale buyer pool that actually closes.

Call (917) 705-0132 · Confidential consult →

What a Short Sale Actually Is

A short sale is a sale of your home for less than the mortgage balance, approved by your lender. The lender accepts a discounted payoff in exchange for avoiding the cost and delay of foreclosure. Done right, it can:

Avoid a foreclosure judgment on your credit
Result in a written deficiency waiver — the lender agrees not to pursue the shortfall
Allow you to move on a timeline rather than on the sheriff's
In some cases, qualify for federal or state relocation assistance

Beware of "short sale" scams. New York State law prohibits upfront fees from distressed homeowners for loan-modification or foreclosure-rescue services [1]. Nitin never charges upfront. All broker compensation comes from the approved lender payoff at closing. If anyone asks you for money upfront to "save" your home, walk away and consult an attorney.

How Nitin Runs a Short Sale

Confidential intake — your situation, mortgage balance, arrears, any foreclosure notices received.
Referral to foreclosure-defense counsel. If you already have one, Nitin coordinates. If you don't, he'll refer NY-licensed attorneys experienced in short sales.
Listing at market-justified price with full MLS exposure and disclosure of short-sale status.
Hardship package prepared for the lender: hardship letter, financials, tax returns, pay stubs, comparative market analysis.
Lender negotiation on price, deficiency waiver, relocation assistance, and timeline.
Closing coordination between lender, buyer, attorneys, and title.

New York Short Sale Specifics

New York is a judicial foreclosure state — foreclosures must go through court, which buys time but isn't a cure [2].
Mandatory settlement conferences (RPAPL §3408) give you a structured forum to negotiate with the lender while the short sale is pending [3].
Deficiency judgments are possible in NY absent a written waiver — which is why negotiating the waiver as part of the short sale is critical.
Federal Mortgage Forgiveness Debt Relief Act provisions and IRS Form 982 treatment may apply to forgiven debt — speak with your CPA [4].

You need a foreclosure-defense attorney. Short sales involve lien releases, deficiency waivers, possible bankruptcy considerations, and mandatory-conference procedure. Nitin negotiates the real-estate side; your attorney handles the law. Do not attempt this without counsel.

What to Do If You've Already Received a Foreclosure Summons

Do not ignore it. You typically have 20–30 days to respond in NY State court. Answering preserves your rights in the mandatory settlement conference process [3]. Call Nitin and consult an attorney the same week you receive the summons.

Related Resources

Citations

NY Real Property Law §265-b — Distressed Property Consultants: nysenate.gov
NYS Unified Court System — Foreclosure Process: nycourts.gov
NY RPAPL §3408 — Mandatory Settlement Conferences: nysenate.gov
IRS Publication 4681 — Canceled Debts, Foreclosures: irs.gov
U.S. Department of HUD — Avoiding Foreclosure: hud.gov

Informational only. Not legal, tax, or credit-counseling advice. Every homeowner facing foreclosure should consult a NY-licensed attorney and a HUD-approved housing counselor. Commissions negotiable. Equal Housing Opportunity. Nitin Gadura, Gadura Real Estate, LLC.