FAQs

Premier Real Estate NYC Testimonials

Premier Real Estate NYC Testimonials

How Quickly Can A Foreclosure Occur? 

Foreclosures are in common in New York City. In most cases a foreclosure will be finalized within six months, once your bank loan becomes delinquent the foreclosure process begins. Your lending institution will notify you that your mortgage is in default with a written, Notice of Default. The foreclosure process begins after two consecutive late payments.

How Do I Stop The Foreclosure?

Making payments, or modifying your loan will bring the mortgage into good standing; this is one of the only ways to stop foreclosure. If you intend to remain in your home, you will need to resolve all account delinquencies, including the extra costs and fees incurred during the foreclosure. Some homeowners look to sell their property in a short sale. A short sale will allow you to clear your debt, including credit card debt. In a short sale, you’re settling to sell your home for a substantial lesser amount than the original purchase price.

Many borrowers are unable to return money owed to the lending institution, and are required to search for additional alternatives in order to avoid foreclosure. It should be underlined here that you must view all options available to you and you should aim to avoid foreclosure completely. If you foresee a future financial crisis associated with your bank loan, or if you have already missed several mortgage payments, you should consider professional assistance.

Certain lenders will allow you additional time to payback your outstanding balance; this varies significantly based on the status of each homeowner. Your bank profile, and credit rating, is important for the bank’s decision in granting more time on your behalf. Keep in mind; the bank also wants to avoid the foreclosure process. It does not want to acquire your home.

One method to finding a solution with your bank is through a loan modification. This will allow you to payback all fees and money owed on the loan. Only people with financial documents that prove income, and can show additional income to support all living expenses, including mortgage payments, will be granted a trial period for a bank loan modification.

How Can I Avoid Foreclosure?

If you are approaching a financial roadblock, and will be unable to pay your mortgage, you should seek professional legal advice immediately. Time is not to be wasted, especially if you are already in foreclosure. Options are available to you. Whether you wish to remain in your home, or you would like to relocate, Premier Real Estate NYC is here to assist you in countering your foreclosure.

Some of your options include:

• Sell your property

• Declare Bankruptcy

• Negotiate a loan modification

• Sit back and do nothing

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