What is a foreclosure? In judicial foreclosures, lending institutions will approach the borrower with a legal notice in order to collect the property and sell it.
Once the borrower has missed three months of payments, his or her standing with the bank will deteriorate rapidly, usually ending in disaster for the homeowner. If the homeowner does not take proper legal action, the bank will have no choice but to foreclose on the property.
The mortgage itself states that the lending institution is allowed to foreclose on the home, usually after three months. After the foreclosure the home will be sold, and the bank will collect its money.
For the homeowner to legally navigate through the foreclosure, he or she needs to find legal representation. After the 2008 housing crisis, borrowers in New York City have struggled to find state support to fight the bank foreclosure.
Premier Real Estate NYC has helped dozens of homeowners in Brooklyn, Queens, Staten Island, Manhattan, Bronx, and Long Island. Finding out your rights is the first step in fighting a foreclosure. By contacting a real estate company, like Premier Real Estate NYC, the homeowner will be able to take concrete steps against the bank to either, sell your home and avoid foreclosure, or remain in the home through a loan modification.
An increasingly popular approach to counter the foreclosure is either a loan modification, or short sale. Many homeowners in New York have opted to sell their home to a third party and relocate. No matter what your intentions are with your current home, contact Premier Real Estate NYC today and find out how you can avoid a foreclosure.