How To Stop Foreclosure On Your Home In Long Island

If the bank is threatening to take your home after all you have put into it, we can help you stop foreclosure on your home in Long Island! Keep reading to learn about what you can do to fight back!  

Dealing with the threat of foreclosure on your home can be extremely stressful and overwhelming. The thought of losing your house after putting so much of yourself into it can feel devastating, and that’s not to mention the ugly and long term marks it will leave on your credit. Nobody wants to deal with foreclosure, but you do have options and  there are some things you can do to stop foreclosure on your home. In our latest post, we will help you learn how to stop foreclosure of your home in Long Island.

Call Your Bank

The worst mistake that you can make is to avoid contacting the bank or other lender. When it comes down to it, most lenders would rather work with you to get back on track then put the house into foreclosure. While the process isn’t fun for you, it isn’t fun for them either, not that you should care about them to much 🙂 . It is costly and time-consuming, and in many cases, leaving the lender with a loss. More often than not, lenders and banks will do what they need to, to recoup their costs, including working with you to find a solution. When you first realize you are going to have trouble with the mortgage payment, reach out to your bank. If you are behind on your payments, you will likely be able to work out a repayment plan. If you think that paying your mortgage is going to be difficult going forward due to new circumstances in your life, you may want to stall the foreclosure and sell the house while you still can. If that is the case, we would be glad to help you figure out the best course of action.
Stop Foreclosure On Your Home

Sell Your House

A fast sale of your house can help you to quickly pay off your mortgage, without any negative marks on your credit. Listing your house in Long Island doesn’t necessarily guarantee your house will be sold quickly. Selling in this manner can take months, allowing the bank to foreclose on the house while it is listed. You will also have a loss of control as you fate will depend on another persons ability to get a mortgage and close on the property.

On the other hand, a direct sale to a cash home buyer like Comax Properties will allow you to sell your house quickly and for a fair price. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking. Our process is fast, convenient, and always fair!

Use A Short Sale

Another way to sell your house fast in Long Island, NY to avoid foreclosure is by using a short sale. If you house has negative equity and you owe more than the house can be sold for, you can still sell the house using a short sale.  A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. This is an involved process that has strict requirements and tight timelines and should be left to someone who knows the process well. Comax Properties has helped dozens of homeowners complete a short sale on their home at no cost to the homeowner.

Call us today at 516-704-7025 or submit your contact info at Stop Foreclosure On Your Home if you would like to chat about your situation. There is never any cost or obligation.

Declare Bankruptcy

When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy doesn’t look very good when trying to borrow money in the future, so make sure it is the right choice for you before signing any paperwork.

No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t worry to much, you do have options. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.

Yes! You really can stop foreclosure of your house in Long Island! Reach out to us today to find out more! (516) 704-7025

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