Foreclosure is a scary reality facing many homeowners in New York and Long Island today. If you’re late on payments or miss some, you need foreclosure help.
Stop the stress!
When considering how to stop foreclosure remember that mortgage modifications advanced by the Government under Obama are helpful to some, but not everyone meets the criteria. If you live in New York or Long Island and are facing possible foreclosure consider all your options including selling your house fast.
Foreclosure is the legal process the bank goes through to re-posses and sell a property to recoup as much of its investment as possible. Mortgage lenders aren’t the only ones to start foreclosure proceedings. Municipalities can foreclose for tax and some contractors can too. Your rights in Long Island New York may be better for some, but you still have a lot to lose if you do not take steps to protect your interest as a homeowner.
On Long Island homes are foreclosed as a judicial sale. The courts handle the speedy liquidation of your property. All creditors with a lien are paid off first. If there is anything left, you will get a share. Because they do not wait for market value, your proceeds can be cut short or eliminated.
Some may ask why the entire house can be seized because of a few missed payments. Lenders accomplish this by making the entire amount of the mortgage due at once after they declare the loan in default. Most mortgages in New York have an acceleration clause. This clause enables your lender to have the legal right to demand the full amount of the mortgage due immediately.
HousesWanted.org has affiliations to select real estate attorneys who may be able to slow or stop foreclosure process immediately. Then you can explore your best options. If you choose to sell, we are an all cash buyer for your long island property. Because we are cash buyers not needing a mortgage, you can rest-assured that you will be able to pay off your mortgage and get cash in your hands, provided it is not a short sale. In fact you may be surprised to know that even owners with low equity can arrange to settle with the bank for pennies on the dollar.
How to stop foreclosure is a good question. You can take action to protect your interests. The best way to handle the situation is to cease foreclosure and sell the property yourself at a good price. Another way is to get a Mortgage Modification, but the banks can hold up your paperwork until it is too late. The trick is to legally stop the foreclosure on your home and then find a solid investor with hard funds who can give you a fair price.
Out of town investors may not have a fondness for Long Island and may not be flexible with terms. We have an established reputation in the community. Our network of attorneys can stop your foreclosure immediately. Then we can tender a fair, market-value all-cash offer on your property. Also, with us as a buyer, there is no 6% commission to pay. Remember, when you can’t afford to keep your home the creditors must be paid off first, and you the homeowner are last in line for a disbursement. That is why it is vital to get fair market value on your property. Make sure you get the money YOU need to start over. Know that we are here to help, contact us today to learn more on how to stop foreclosure.
HousesWanted.Org is Long Island's Premier Home Buyer for over 30 years. Click here to get a no obligation 24 hour cash offer on your home.