Mortgage Modification

Foreclosure is a scary reality facing many homeowners on Long Island today. If you’re late on payments or miss some, you are starting on the path of foreclosure. Mortgage modifications advanced by the Government under Obama are helpful to some, but not everyone meets the criteria.

Foreclosure is the process of acquiring a homeowner’s deed and generally reselling the property immediately, not necessarily caring if it’s sold at market value. Mortgage lenders aren’t the only ones to start foreclosure proceedings. Municipalities can foreclose for tax and some contractors can too. Your rights in Long Island New York may be better for some, but you still have a lot to lose if you do not take steps to protect your interest as a homeowner.

In Long Island, New York, your homes are foreclosed as a judicial sale. The courts handle the speedy liquidation of your property. All creditors with a lien are paid off first. If there is anything left, you will get a share. Because they do not wait for market value, your proceeds are cut short or eliminated.

Some may ask why the entire house can be seized because of a few missed payments. Lenders accomplish this by making the entire amount of the mortgage due at once after they declare the loan in default. Most mortgages in New York have an acceleration clause. This clause enables your lender to have the legal right to demand the full amount of the mortgage due immediately.

HousesWanted.org has affiliations to select real estate attorneys who can stop the foreclosure process immediately and without expense. Then you can explore your best options. If you choose to sell, we are an all cash buyer for your long island property. Because we are not a buyer with a mortgage, you can rest-assured that you will be able to pay off your mortgage and get cash in your hands.

In fact you may be surprised to know that even owners with low equity can arrange to settle with the bank for pennies on the dollar.