Real Estate Foreclosures in New York City: Things You Should Know Before You Walk Away
You’re several weeks or months behind on your mortgage payments and the letters and notices are starting to pile up. Thoughts of losing your home and damaging your credit are causing you and your family enormous stress and you just wish the darn thing would be over already.
But before you pack up and walk away, there are some important things that you should know about foreclosures in New York City, information that could cause you to think twice.
You are in more control than you think. Did you know that at any time during the foreclosure process, if you find a way to do so, you can bring your payments up to date or renegotiate payments to stop foreclosure proceedings? It’s true. Federal and state laws and regulations favor the homeowner maintaining possession of her property, almost at all costs, because this is what’s best for the individual, the financial community and the entire country.
Your loan provider does not want a foreclosure. We have this image of nasty bankers eager to evict hard working Americans from their homes, however, this is a fantasy. The reality is that each foreclosure proceeding cost loan providers tens of thousands of dollars to process and they have no guarantee of recouping these costs especially as property values continue to drop. Now more than ever banks are willing to negotiate alternative solutions. You just need someone who knows the system to guide you through this process.
Short Sales accounted for more than 22% percent of all home sales in the U.S. in 2013. A short sale is when the owner sells their property for less than what they still owe on their mortgage. This action must be approved by your loan provider but the statistic quoted above is telling. Due to the high volume of foreclosure in New York City and beyond, as well as the lengthiness and cost of foreclosure lawsuits and auctions, Banks and other loan providers are compelled to approve alternative solutions.
Why not find out if a Short sale is right for you? Contact us for a free consultation.