Finding Freedom From Foreclosure

Submitted by Melissa Hoffmann on Wed, 05/20/2009 - 14:24

Getting a loan and keeping it current is very difficult these days. As a result, many individuals and companies struck by default or foreclosure—and, in turn, their CPAs—are facing difficult conversations with lenders.

Real estate lawyer Bruce S. Leffler came to a recent meeting of the NYSSCPA’s Real Estate Committee to shed some light on these discussions and help Society CPAs better assist struggling clients.

Leffler was also looking for insight, as he said there is often little dialogue between real estate agents, accountants and lawyers—though the three are all requisite parts of a property transaction. As a result, lawyers don’t know “what challenges [accountants] face on their side,” he said.

The bottom line, according to Leffler: Be well-prepared. Offer money if possible. And prepare for a new real estate reality.

“Everybody in our industry must rethink about how the industry operates,” he said. “It’s going to be very painful for people.”

Read more about this in the CPAs in Industry section of the June 15th Trusted Professional.

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