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Follow on Google News | Foreclosure Prevention Guide : How to avoid or Get Out of ForeclosureAvoiding Foreclosure in Queens New York? Avoiding Foreclosure in NYC? Education About YOUR Situation can make ALL the Education About YOUR Situation can make ALL the Difference ! Enclosed is Your Personal Foreclosure prevention Guide !
By: Alex Switalski Avoiding Foreclosure in Queens / Brooklyn New York? Education About YOUR Situation can make ALL the Difference ! Heres a Guide which will inform you on where you stand... I hope it Helps you; Foreclosure begins when a Homeowner fails to make their mortgage payments at the appointed time. When a Homeowner cannot repay the debt on the property, "foreclosure" Here are your options, if you find yourself in that senerio; If you've fallen behind on your mortgage payments and your Lender has been unsuccessful at collecting your outstanding balance, the Lender will start the foreclosure process with a formal demand for payment letter. This letter is referred to as a Notice of Default (NOD). This notice is a threat to sell your property, terminate all your rights in that property and evict you from the premises. If you allow your property to go into foreclosure, you'll be forced to move out of your house. Furthermore, If your property is worth less than the total amount you owe on your mortgage, a "deficiency judgment" could be pursued, meaning you would not only lose your home, you also would owe your Lender additional money! Avoiding Foreclosure There are many life-altering circumstances that cause a person to fall behind on their mortgage payments such as unemployment, divorce, medical bills, terms of the loan, loss of a loved one, etc. There are few things more disheartening than losing a home to foreclosure. Unfortunately, right now there are millions of Homeowners all across the country just like you who are facing foreclosure. But you must understand you DO HAVE OPTIONS to avoid having a foreclosure on your credit record and losing any of that hard earned equity. You can stop your foreclosure and get on with your life. To help you avoid a foreclosure situation, we've designed this guide to arm you with the knowledge to make the best decisions possible concerning your property. Bring Your Mortgage Current If you are able to make up all of the back payments as well, as any fees that have been added as a result of the foreclosure filing, to bring your mortgage balance current the foreclosure proceedings will immediately be stopped! Bringing your loan current is the best way to stop the foreclosure process. From the time the Notice of Default is served, you are entitled to 90 days to fully reinstate your loan and stop the foreclosure. Re-Finance Your Loan If you have a good deal of equity in your home, good credit, and you are not too far behind on your mortgage payments - refinancing may be a viable option. Your Lender will need to assess your financial situation to determine if refinancing is possible. If your Lender determines you can re-finance, they usually would combine your existing loan and any late payments and fees, to refinance that sum into one mortgage. If it is feasible, refinancing to a fixed rate, lower cost loan can really benefit you. However, for most Homeowners who have very little equity in their home, it becomes very difficult to refinance. Sell Your House To A Cash Buyer If you have equity available in the property (if your property is worth more than the amount owed on the mortgage), selling your home to a Cash Buyer could help you avoid losing valuable equity to a pending foreclosure. If you aren't able to bring your mortgage current, a Cash Buyer can quickly help you stop the foreclosure and avoid all the hassles and fees that build up if you allow the foreclosure proceedings to continue. Generally, a local Real Estate Investor is the optimal Cash Buyer because an investor will buy the property "as-is" and can also close very quickly OR on your timeline, whatever you prefer. There are no hefty Realtor fees and selling to an Investor can help you keep the stress normally associated with the selling process to a minimum. File Bankruptcy Bankruptcy should be the last alternative or option and should not be used to stop foreclosure unless you have no other option or you need the protection of a bankruptcy due to other circumstances or situations you are currently up against. Financial stress can leave a Homeowner facing foreclosure feeling overwhelmed and looking for a "quick fix." But it's imperative to understand that filing Bankruptcy will merely put a Band-Aid on your problem, it will not stop the bleeding. It is a temporary solution that should be used as the last possible resort. Most Homeowners have the possibility of filing two different chapters (types) of Bankruptcy - a Chapter 13 or a Chapter 7. Under both Chapter 13 and Chapter 7 bankruptcy, the Homeowner is entitled to an automatic stay - or pause - in foreclosure proceedings. An automatic stay forces all of your assets and debts to "stay put" and pauses all creditor proceedings. Chapter 7 bankruptcy provides for the total discharge and liquidation of debts. All of your assets are frozen. The debtor can't buy anything, sell anything or give anything away. Even if the house is not included in a chapter 7 bankruptcy, the stay granted by the filing of the bankruptcy will apply to the mortgage and the foreclosure action. If the Homeowner can then bring the mortgage current, then the foreclosure action goes away. If the mortgage is not brought current, usually banks will then ask the bankruptcy court to release the property from the automatic stay so they may continue with the foreclosure process. Once the property has been released from the bankruptcy, the foreclosure process starts right where it left off. Typically you have anywhere from 3-5 weeks until the foreclosure process begins again. Many people think that if they can discharge their other debts, then that will free up enough money to get caught up on their house payments and stay current. More often than not, they are wrong. We Look Forward To Helping YOU Make The Right Decision About Your Home ! "Give me a call" 24 Hour Automated Message (866) 493-7117 We are the area's premier Real Estate Solutions Company. A multi-service company - we buy and sell homes all across the state. Our goal is to help people just like you out of complex situations and get you back to LIVING life and not Worrying about it. Whether you're looking to save your credit or sell your property for CASH, Give me a call and we'll discuss al the options available to you. Regardless of your situation, we can help you out of this difficult time TODAY! SEE OUR COMPANY : http://www.youtube.com/ Http://www.SellMyHouseQueensNY.com If your looking to Avoid Foreclosure in Queens, or just sell your home in Queens, we can provide a solutiotion that would best fit your challange. What I can do for YOU: · Stop Your Foreclosure and put CASH in your pocket! · Negotiate your Debt with your Lender through the SHORT SALE process. · Our network of mortgage brokers, real estate agents, attorneys and many other professionals are at your disposal. · You get a clear-cut, honest transaction with a reputable company you can trust. · Can help you with any moving expences. Based on the situation- · Inform you of ALL your options and fit the right solution to your challange. · We will make your home buying experience smooth and hassle free! Click on the link below and there you will find a 24 Hour Pre-Recorded Message. Http://www.SellMyHouseQueensNY.com Alex Switalski President, Prism Home Solutions, INC Http://www.SellMyHouseQueensNY.com 24 Hour Automated Message (866) 493-7117 Sell house Queens New York / Stop Foreclosure Queens NY / Sell house Fast Queens NY / We buy houses Queens NY, We buy houses cash Queens ny, Sell house Brooklyn New York / Stop Foreclosure Brooklyn NY / Sell house Fast Brooklyn NY / We buy houses Brooklyn NY # # # Prism Home Solutions is a real investment company that purchases properties in the Queens and Brooklyn counties. We buy Properties in Any Condition / Any Situation / and will buy in CASH! End
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