real estate professionals Archives | Buy and Sell Properties Online New York real estate professionals Archives | Buy and Sell Properties Online New York

Tag: real estate professionals Posts

Facing Foreclosure? Panicking Won’t Do Any Good!

Are you facing foreclosure notice for your home? Well, panicking will never save your home from being in foreclosure. So, take a deep breath and cool off, as many things have to be done before you quit yourself…

Owning and living in the same home is one of the American dreams. But, recent studies have shown that it has created a sense of fear and frustration as they keep on trying to meet the ends and avoid the foreclosure nightmare. If you think you are the only one who is in this situation, then you are wrong. People from all income levels are suffering from the clutches of homes in foreclosure even as we speak. And people feel more helpless when they try to get the help of the internet to understand the foreclosure process. Since many real estate terms and jargon are involved, it is indeed difficult for an ordinary man to grasp and understand every crisp detail.

Well, numerous non-profit-based firms provide foreclosure assistance for all. Through this article, we’ll try to lend you a few helpful tips to make you understand foreclosure isn’t the ‘end of times.’

Here’s what you need to follow when facing foreclosure…

1. Go Through the State Laws

You must know that every state has its own foreclosure laws. So, before jumping to conclusions, it would be wise to go through the State’s Laws on foreclosure. Depending upon the State, the home foreclosure can be either judicial or non-judicial.

As for a non-judicial foreclosure, there are no courts involved. The lender doesn’t have to go through the courts to file the foreclosure. He can send you a ‘ notice of default ‘ (which is a notice mentioning the failure of payments) along with a ‘notice of sale.’

When it’s judicial foreclosure things get more complicated. You’ll be sent a complaint along with a summons to the court. It means that the lender has already filed a lawsuit against you. You shouldn’t miss the deadline for the response at any cost as the court will pass the law in favor of your lender and allow the foreclosure to proceed.

2. Foreclosure Doesn’t Happen Overnight

Foreclosure doesn’t happen overnight. And this is a fact. A foreclosure only begins when you miss a couple of months of payments. Usually, the lender will send you a notice of default when you miss four or five months of payment. They’ll also specify an amount that you need to pay to cover up for the defaulted loan and a deadline along with it. Once you failed to meet the requirements, you can expect the foreclosure process to begin at any time.

So, you’ll have a minimum of four to five months (depending on the lender) after the last payment to cover up your default payments

3. Judicial Foreclosure a Boon?

Once you understand you are under either judicial or non-judicial foreclosure, the first thing to do is not to panic. A judicial foreclosure usually comes under foreclosure by a bank. But, let us make one thing clear, the latter situation might be less advantageous as these happen way quicker. However, you’ll be the legal owner of the foreclosed property has been terminated by a new sale deal.

In judicial foreclosures, court proceedings can take as much as a year. It will aid you in finding a new home. But, still, if you fail to find an alternative home within the deadline of foreclosure, you’d be welcomed with an eviction.

4. Call Your Lender

A lot can happen over a call. Don’t back yourself from calling your lender and asking for a relaxation. Explain your situation, and try reasoning with him for an extended mortgage pay-off time. Hopefully, he/she might agree. This might even help to delay foreclosure. Well, it’s worth a shot, right?

5. Chapter 13’ Your Last Resort

Chapter 13 can be your last resort. A lawyer can help you file a Chapter 13 bankruptcy, which will in turn force the lender to negotiate a payment plan. But, use this as a last resort only. Being stated as bankrupt can hurt your credit score and filing suit against a lender can drag you into much deeper troubles. You’ll also have the option to put your home on short sales.

Conclusion

With a little bit of preparation, you can survive the whole foreclosure process. You’ll have enough time to prepare for it, and you only need to vacate the property till there’s a new buyer. So, save up some money and look for a better and more affordable rental. As for lenders, finding a buyer for a property under foreclosure is pretty tricky. There are many agencies and skilled real estate agents to ease up the pressure and help you get a new buyer. You can contact real estate professionals like ‘Elite Properties’ for more experienced advice and foreclosure help.

Style Selector
Select the layout
Choose the theme
Preset colors
No Preset
Select the pattern