Being Fearless and Proactive
The foreclosure process in New York, especially if defended, is one of the lengthiest in the country. That being said, it does not mean that you ignore it. It does, however, provide the ability and time to resolve the issues either by litigating or negotiating with the lender. Of course, the mortgage can always be brought current. We advocate negotiating with the lender.
Once the lender knows that the borrower is sincerely prepared to take the necessary steps to minimize their losses, as the interest and taxes and other charges continue to accrue on a daily basis, they will be more inclined to assist in the process.
Too many people, once in foreclosure, take the wrong, and many times hasty, steps out of fear or the natural desire to rid themselves of the stigma and emotional distress it brings. They, unfortunately, hurt their credit, prospects for future home ownership and their unrecognized ability to still obtain financial gain from their situation.
Often times the homeowner, in such a situation, immediately packs up, vacates the premises and essentially runs from the situation without notifying the lender. However, once the lender realizes the property is vacant, which they readily do, they board it up and it becomes a blight on the community.
It will sit vacant, for possibly years, accruing untold expenses, taxes, and interest which they ultimately will charge back to the homeowner.
What may not be clear to many is that just because they fell behind in their payments, or a foreclosure proceeding has been commenced, or the property has been in foreclosure for years does not mean that they can not list and sell the property and resolve the foreclosure proceeding in this manner. While doing so there is the ability to continue to peacefully reside in the premises and reap all those benefits.
As a matter of fact, the homeowner has the absolute right to list, market, contract and close on the property, payoff and satisfy the mortgage (or short sale agreed sum) up and till the moment before the gavel falls at the auction.
With the recent extreme rise in real estate values, especially since the beginning of the pandemic, many properties in foreclosure which previously would have been over encumbered now have a substantial amount of equity which can be captured to the benefit of the homeowner in foreclosure.
We are experienced foreclosure Realtors® that can take the fear out of handling a foreclosure sale and show you how to receive all the benefits that you are rightfully entitled to. Be Proactive – Contact us today!