We Buy Houses NYC in Pre-Foreclosure
A lot of Americans have a house to go home to by the end of the day and most families have the means to purchase a new home if there is a need to relocate.
However, maintaining and sustaining this property may become overwhelming for some homeowners, which could result in pre-foreclosure or even property repossession. In these cases, we buy houses in NYC when you need to sell ASAP.
There has been about 27% increase in foreclosure activities as of October 2016. The Foreclosure Market Report discussed in realtytrac.com, estimates a total of 105,481 U.S. properties with foreclosure filings; from default notices to scheduled auctions or bank repossessions. This is by far the largest increase since August 2007 based on the month-over-month activity from the same report.
Foreclosure is a legal process that will allow the mortgage lender to seize a property in order to pay off what is owed. However, pre-foreclosure cases don’t necessarily end up with the lender winning the case. Learning how to stop pre-foreclosure proceedings may help you keep the house a little longer or save it from forcibly being taken away.
How To Get Out Of A Bad Situation
Before you decide to just sell the house with a ‘we buy houses New York’ company and stop the proceedings altogether, know how you can battle the foreclosure of your property.
Work It Our With Your Lender
It’s your responsibility to pay for the monthly mortgage, but if for some reason you are going to miss a payment, contact your lender. Explain to them your situation and why it isn’t possible to get your check in on time. Most financial lenders would rather work it out with the homeowner than have to resort to legal proceedings.
Foreclosures require them to spend a good sum of money, time, and the hassle of dealing with a case. If you are suddenly faced with a denied claim from your medical insurance or are currently dealing with a judgment case, it would be best to let them know. They may voluntarily offer a workaround that will benefit both parties.
Deed In Lieu of Foreclosure
This is basically the same as a foreclosure, the only difference is that the homeowner signs the deed of the house back to the bank or lender voluntarily. And the impact on your credit score affects you just as a foreclosed property would. Some creditors are hesitant to take back a property through a deed in lieu of foreclosure due to several reasons:
- The possibility of homeowners suing later, claiming they didn’t understand what was happening.
- They will have to pay a second or third mortgage if the homeowners had taken out second mortgages.
- They want to make sure the homeowner’s financial distress is actually true.
Quick Home Sale
When all efforts fail and your property is foreclosed upon, the bank will have to turn right around and put the property up for sale in hopes of quickly finding a buyer to recoup their lost investment. With this thought in mind, these lenders would prefer a quick home sale initiated by the homeowner than them doing it themselves, as they end up spending a lot of money and time for the pre-foreclosure and foreclosure processes.
If you had the means to sell your house in New York fast, would you consider it?
SellAnyHouse NYC is a home buying company, one that has over 10 years of experience in the real estate market. We buy houses in New York City, and its surrounding boroughs, from homeowners in distressed situations and from families with financial challenges.
Keep in mind that we are a real estate investment company that has helped solve housing problems by offering fast cash, paid in full, and zero fees when we buy houses in NY. Why wait for the foreclosure proceeding to unfold when you can get a fair cash offer from SellAnyHouse NYC?
Ready to sell? Contact us today!