Facing the Threat of Foreclosure

There are more foreclosures happening today than ever before. Millions of homes across the country lay in various stages of threat. This is as true in Westchester County, NY (Mount Vernone, New Rochelle, Ossining, Peekskill, etc.) as it is in any other part of the country. That being said, if more homeowners were able to obtain the proper information (quickly and before their foreclosure date) than many distressed homeowners would be delighted homeowners instead.

Even if someone owes more than their home is worth, a distressed property doesn’t absolutely have to face foreclosure. At the very least, losses from foreclosure can be significantly reduced.

Any foreclosure will carry multiple consequences for the homeowner: financial, legal, and tax, as well as the inevitable blow to the ego. Curbing, or eliminating the threat should be your number one priority. For a realtor, it’s their job.

I’m a realtor in Westchester County, NY. It’s my duty to help distressed homeowners when they are facing the threat of foreclosure. Here is some of my best advice.

Articulate to yourself what led you to being a distressed homeowner in the first place. Is it a temporary setback or long term loss? Your answer will effect your strategy. If you cannot afford your home loan under any circumstances, determine when it makes the most sense to cease with your payments. The sooner you realize you will not be able to catch up or consistently make your mortgage, the fewer dollars you will surrender to nothing. The last thing you want to do is drain your life savings to keep a tenuous grip on an inevitable loss.

If you decide that losing your house is the only option, determine whether your house is in a judicial or non-judicial foreclosure state. If the court has already become involved in your case, then that means your distressed house is in a judicial foreclosure state. If you have simply received a Notice of Default from your lender, then your house is only in the first stage of foreclosure and the lender has not yet filed a foreclosure lawsuit against you.

Even in a non-judicial state, your lender has every right to file a lawsuit for any existing deficiency upon foreclosure or short sale, though there are quite a few variables that will determine whether or not the lender would choose to take that course of action.

Foreclosures may be scary, but helping distressed homeowners is what I do. If you live in White Plains, or anywhere else in Westchester County, NY (or the surrounding areas), call me today. I look forward to helping you out.

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