A bank is legally obligated to remove you from your home if you cannot meet your required mortgage payment each month. The homeowner can, at anytime, make a lump payment and a settle all past fees and outstanding payments during the foreclosure process.
In New York today, millions of homeowners are looking for ways out of their current mortgage. Some homeowners are looking to remain in their home, while others have opted for a short sale, which removes them from the home and settles them in a new area. If your home is forced into foreclosure you will not be compensated by the bank, in fact you will be asked to make payments, even after the home is gone.
Many homeowners have worked tirelessly on building credit. After three payments have been neglected, credit agencies will immediately down grade your credit standing. If the bank forecloses on the property, credit card companies, and other credit houses will force your credit into delinquency.
Because of this, some homeowners choose the route of claiming Chapter 7 bankruptcy. This tactic does not prevent the bank from reclaiming the property, it does however, offer the borrower more time to fight against the foreclosure and seek outside help.
Premier Real Estate NYC has managed dozens of individual petitions to stop bank foreclosure. A homeowner needs to fight against their bank with a legal team, and a firm understanding of their rights as a homeowner – each state is different.
At Premier Real Estate NYC, borrowers are given a free consultation, which provides plan of action, and a way out of the foreclosure. If your home is in in foreclosure, don’t hesitate to find outside help.
If you do not seek third party assistance, it is only a matter of time before your home is sold at a public auction.
Find out what your options are today. Whether you intend to remain in your home, or you would like to sell your property, and purchase a new home, Premier Real Estate is here to help.