Over the last few years, the focus on ‘upside down’ properties – where the value of the property is far less that what is owed to the bank – has been and oft discussed topic; situations, due in part to the economic downturn on Long Island and in other instances overleveraging. In many cases Bankruptcy is the answer but in many cases it is not. This is especially true when faced with a Distressed Property situation and dissolution of a marriage. Typically, your home is your greatest asset. The question becomes what do we do now? Where do you turn and what can you do ass an individual faced with these choices or a Legal Professional experienced in Matrimonials. As a market specialist on the North Shore’s Gold Coast, I serve as the Independent Real Estate Advisor. From assessing value to reporting and mediation to execution of the sale of the distressed property, my counsel is a value added resource in these types of situations to the two parties and the legal community. For some helpful tips on Short Sales and other distressed property situations, please visit my website www.luxurylongisland.com/short-sales.
The article below is from today’s WSJ about mortgage delinquencies and the benign forecast going into 2011. Whats not really discussed is the shadow inventory or the lis pendens that make up a considerable portion of the financially strapped homeowners nationally and on Long Island as well.
