“Avoiding Foreclosure in New York, How do I do that?”
New York has many wonderful places to live in, from Manhattan and the outer boroughs of Queens, The Bronx, Brooklyn and Staten Island and great suburbs like Westchester County, Rockland County and Putnam County NY to name but a few. But living in New York, as we all know is not cheap, the taxes are extremely high and the property prices are expensive. Because of this, many New York homeowners are suffering from financial difficulties and are not able to pay their mortgage.
If you purchased your property at the peak of the housing market back in 2007/ 2008, unless you put down a substantial deposit, the chances are that you may be under water on your mortgage a.k.a. upside down on your home loan. Couple that with an inability to pay your mortgage or struggling to pay your mortgage, you may find yourself facing foreclosure.
Don’t worry, you have options available:
- Loan Modification: You can apply for a home loan modification whereby your lender may change the terms of your loan. This could could mean a principal reduction, lowering your interest rate and waiving of late fees.
- Short Sale: You basically ask your lender if they will accept a lower amount as full payment of the principal owed – see more about short sales here ====>
- Deed in lieu: The bank may take back the property and consider full payment made and you simply walk away from the home.
- Foreclosure: The bank will foreclose / repossess your property and require you to move out immediately and probably sell your home at an auction.
- Sell to an investor: At Fair Offer NY we can close on your house very quickly and stop foreclosure, saving your credit.
If you are in Foreclosure Call or Text us today – 347 685 9317.
At Fair Offer NY we specialize in fast closings and can close on your house much faster than if you listed your house with a realtor. We are able to do this because we have access to a large pool of funds. We don’t have to apply to a bank to get a loan to buy your your house. Selling your house to an investor will stop the foreclosure proceedings almost immediately and we will do our best to make sure you walk away with some money to help you start over.
So what are the downsides of the foreclosure taking place? If you’re in New York and your property is foreclosed on, you can expect your credit score to drop by at least 100 to 150 points. Also the foreclosure notice will be on your credit profile for the next six years so you won’t be able to purchase another house for at least six years.
You could always apply to do a short sale, but again your credit score will drop at least 100 to 150 points. A short sale means that the bank is willing to accept a lower amount than the actual money that is owed and you get to walk away from the house not owing anything in some circumstances, but the bank may report that disparity to the IRS which could be classed as income. See additional short sale information here====>
Finally, you could sell your house quickly to a cash buying investor like Fair Offer NY. Selling your house would immediately stop the foreclosure process and keep your credit score intact and ultimately when you get your finances back in order you will be in a position to buy another house.
Call or text Fair Offer NY today and stop foreclosure within the next 2 to 4 weeks! – 347 685 9317
We buy houses for cash in Brooklyn, Bronx, Manhattan, Staten Island, Westchester County, Rockland County, Putnam County & Long Island, NY. and all neighboring areas and have helped many home owners like yourself who may be going through a divorce, inherited a property, fed up landlord with bad tenants, facing foreclosure or just need money ASAP. Call or Text us today – 347 685 9317 and we will walk you through the simple process of selling your house for cash. If you don’t feel comfortable talking to one of our agents, no problem! – Fill out the simple online form and we will call you.
Legal Disclaimer: Fair Offer NY is not offering legal advice and is not a law firm. You should always consult a qualified NY licensed attorney when considering a short sale, foreclosure or deed in lieu and also consult with a qualified NY licensed tax professional regarding any IRS liabilities.