Record levels! That is what foreclosures were at in the noughties, and while there has been a little improvement, numbers on Long Island, New York remain relatively high compared to the rest of the US. Indeed, according to Black Knight in Suffolk County, foreclosure levels are at around 1%, and in Nassau, they are at .75%, which is much higher than the national average of 0.4 %.
Sadly, such high levels of foreclosure in the New York area are having a significant impact on residents living in these areas, as well as those in mid to low-income communities, which were rife with inferior mortgages before the financial crisis.
Indeed, this foreclosure crisis, it could be argued, is still devastating these communities, as families are all too often losing their homes, and incurring long-term financial penalties, not to mention emotional suffering and stress as a result of the foreclosure proceedings.
The good news is if you are looking for the answer to the question of how do I stop foreclosure on Long Island you’ll find it below. In fact, you can find suggestions on not only how to challenge the foreclosure process, but also safeguard your financial future from the impact that foreclosure can cause. Read on to find out more about the foreclosure proceedings, and the strategies that can help you avoid it.
Foreclosure is another term for when a homeowner defaults on their home loan and it is in arrears. The process begins with a Notice of Default and often ends with the homeowner being evicted from their home as the mortgage lender takes ownership of it.
Foreclosure is triggered by being in arrears due to multiple missed payments on the homeowner’s mortgage.
Below you will find the typical process associated with foreclosure. However, it is important to note that every state has its laws relating to foreclosure, and you can find ones relating specifically to New York here.
Foreclosure is triggered by multiple missed mortgage payments. If you exceed the grace period your lender has for your payments in New York you will receive a letter stating you are at risk of foreclosure if you continue to fail to meet the payments owed.
The second stage in the process of foreclosure is the Notice of Default. This is a legal document that your lender will send to you by certified mail, and file at your local records office. This notice contains information on how much you owe on your mortgage. Once you have recovered a Notice of Default, the process of foreclosure is in swing, and that means you need to act quickly to rectify it.
This is the term for the duration of time between your Notice of Default and the foreclosure sale of your home. It is a vital time if you want to keep your home, as during preforeclosure you can pay off your debt to halt the process. You may also sell your home via cash sale to pay back the money you owe.
If you choose not to opt for a cash sale, or to pay off your mortgage, a Notice of Sale will be issued. This will provide potential buyers/ investors with information about your home and let them know it is for sale.
The most painful part of the process for many residents is the final step – eviction. Usually, in the state of New York, you will be allowed a few days after the sale of your home to pack up your possessions and move. However, if you do not move out within the allotted time of your own accord you may be forcibly evicted by law enforcement.
Unfortunately, there are many consequences of going through foreclosure proceedings in the state of New York. The first of these is that if you foreclose you lose your home, which can not only be financially devastating because you lose any money you invested in buying, renovating, and maintaining it but emotionally disastrous as well. Indeed, it is not uncommon for people to fall into depression or suffer from anxiety after going through a foreclosure. Many also have to move back in with their parents or other family members because of the financial strain that foreclosure can impose.
There are also additional consequences to foreclosing on your home. One of the most significant of these is that foreclosure like a bankruptcy case can damage your credit report over the long term (7 years) and make getting credit and loans much more difficult.
Finally, if your home is sold for less than the value of your outstanding mortgage debt, in New York then you could still end up owing money, even though you have lost your home and equity. You must pay this ‘deficiency’ or risk getting sued, as well as other legal consequences.
The good news is that if you are facing foreclosure, there are some steps you can take to prevent it even if the foreclosure proceeding has already begun.
Step One: First of all, it’s important to remember that prevention is always better than cure, and that means doing everything you can to avoid the foreclosure from starting. This means making sure you manage your monthly finances well, and that you live within your means.
Next, when considering foreclosure prevention, it makes sense to prioritize paying your mortgage. That means if you see that you are beginning to struggle financially it can be helpful to liquidate other assets to ensure your mortgage is paid on time.
Lastly, if you are struggling to meet a payment do not avoid your lender’s communications. Instead, you need to proactively contact them, let them know there is a problem, and ask what they can do to help make things easier for you.
Step Two: If you are facing foreclosure, speaking to a housing counselor can really help you save your home. Be sure to take advantage of the U.S. Department of Housing and Urban Development counselor’s expertise and advice.
You can also find out if you can apply for a forbearance program such as loans from Fannie Mae or Freddie Mac.
Step Three: Speak to your mortgage lender and see if they can change the terms of your loan. they may be able to lower your monthly payments or give you longer to pay off the loan.
Step Four: Set up a payment plan with your lender so that even when you can’t meet mortgage payments for a month they can see you have a plan in place and intend to pay.
You must be aware of your rights, and know when to seek professional help when it comes to the legal and financial challenges of a foreclosure situation.
Unfortunately, a wide range of legal and financial issues can occur when it comes to the foreclosure process. Of course, it pays to know what these are so you can look out for them and make sure you are not being taken advantage of and you can find the most common ones below.
Due to the complicated, costly, and often highly emotional nature of the foreclosure process, it makes sense to seek professional support if there are areas that are confusing or problematic. Indeed, a real estate lawyer may be able to help a homeowner find alternative solutions and challenge a foreclosure situation if it’s not fair. A housing counselor, from the HUD department is also an excellent resource you can use to get help with the financial challenges that being involved in a foreclosure proceeding brings up. Also, a bankruptcy case attorney can be helpful in helping you sort out any additional financial issues that go along with foreclosure proceedings.
In selling your home to avoid foreclosure you gain access to many benefits and avoid a range of the most difficult issues. For example, one of the major benefits of choosing to sell your home with a reputable cash sale company like We Buy Long Island Homes Fast that always offers a fair price so that you will be able to pay off your full closure is that you won’t incur any of the long-term issues with your credit score. This means it will be easier for you to get loans and mortgages in the future should you wish to do so, as notice of foreclosure will not be recorded on your account.
Additionally, by choosing to sell your home to avoid foreclosure you won’t have to go through the trauma of having your home’s forced sale displayed to the public. That means people in your local area or people that you may know never need to find out about your financial difficulties.
Last of all, by choosing the option of selling your home and by doing so avoiding foreclosure you ensure that either renting or buying a home in the future we’ll be as easy as possible because you ultimately will not have defaulted on your loan.
Selling your property for cash offers a quick and easy solution to your foreclosure worries. Ensuring you have the cash you need to make good on your mortgage before the foreclosure process ends is crucial, and a cash sale will make sure of this.
Selling your property for cash is also easier because you do not need to engage with all the waiting and negotiation that comes along with selling it on the market. You won’t even need to do any decluttering, cleaning or redecorating, so a cash sale won’t add to your stress.
Another great thing about choosing a cash sale for your property is that you won’t need to be concerned with real estate agent’s fees, as agents aren’t used in this type of sale.
Last of all, one of the best things about choosing to sell your property for cash is that by using a home for cash service you are guaranteed a sale. Indeed there are a few certainties when dealing with the property market and this one can reduce the great amount of stress especially when the owner of the property is looking to sell for cash to prevent foreclosure.
Selling your home to We Buy Long Island Homes Fast couldn’t be simpler or easier. Indeed because we don’t work with banks, real estate agents, or inspections, and only offer cash the process only consists of the three steps below. Read on to find out what they are.
To get cash for your house all you need to do is:
Do this online or over the phone in a 5 to 10-minute call. Give us some basic information about your house, and begin the process.
Do this online or over the phone in a 5 to 10-minute call. Give us some basic information about your house, and begin the process.
We’ll give you a fair offer for your home, and complete the simple paperwork. Then it’s time for you to collect your cash. It’s really that easy!
Foreclosure can be a complex, costly, and harrowing process, and sadly it’s still happening to people in the Long Island Area at a higher rate than across the rest of the country. However, even if foreclosure proceedings have begun on your home, all is not lost.
Indeed, there are many things you can do to prevent the ultimate outcome of foreclosure, such as being evicted from your home, with no equity, and a 7-year mark on your credit record which makes renting or buying in the future even more difficult.
For example, you can seek help from professionals including HUD housing counselors, and real estate lawyers who can provide you with advice, and help you challenge the foreclosure process. You can also contact your lender and communicate to them your difficulties and see if they can modify your loan arrangements.
You can also choose the fast, and simple option of selling your home for cash, which for many can be a great deal less stressful, avoids embarrassment in your community, and prevents the issue of poor credit over the long term.
The good news is that selling your home for a fair cash price to We Buy Long Island Homes Fast could not be easier. Just contact our friendly and dedicated experts to start the process today, and you can have your foreclosure solution sorted within the next few days!
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