Avoid Foreclosure on
Staten Island
Staten Island home owners should be especially aware of the hazards of facing Foreclosure. Acting sooner rather than later can make a huge long term impact on both your credit ratings and peace of mind.
Your circumstances which lead to possible foreclosure don’t matter to the lender. Same with any other entity with a lien on your property. They will not give you a “pass”, even in the event of a medical emergency, job loss, or family crisis.
Perhaps the most common mistake that homeowners make under these circumstances is not taking control of their situation. Although it seems easier to “Let the bank deal with it”, their outcome benefits only them.
Negative Impact of Foreclosure
When a Staten Island home owner goes to Foreclosure, the financial loss is only a part of the long term impact. Chances are their credit score and credit line will be ruined for years to come. Buying a new home is no longer affordable, and renting becomes a bigger challenge. Landlords will see a credit report with problems and lower credit scores.
Some home owners also make the mistake of staying until they are forced to leave by the Sheriff. When that happens, the owner usually has no more than five minutes to grab what they can and leave. People have been known to lose thousands of dollars in furniture and valuables because of this. None of that amount is credited to the balance due. What the owner does not or cannot take out becomes an additional financial loss.
Short Sale to Avoid Foreclosure
In certain cases, home owners in default might go into what is known as “Short Sale”. This can save months off the process, allowing the homeowner to be able to go forward more quickly. Ideally, it would also leave the subject home owner with some cash to move on with their lives.
These procedures are the same, whether the home is in Dongan Hills, West Brighton, Bay Terrace, Castleton Corners, or anywhere on and around Staten Island.
Action can and should be taken by a homeowner facing Foreclosure as soon as the reality sets in. Taking control of the situation early gives the owner a chance for long term positives. Consequently, you could actually improve your credit score rather than have it destroyed.
Sell Your House To Avoid Foreclosure
The fastest solution is to sell the home for all cash before the Foreclosure process proceeds. By doing so, you could immediately pay off the outstanding loan on the property. You could satisfy any liens, legal fees, and related debt. Ideally, you would have enough cash remaining to either purchase or rent your next property on your terms.
Whether as an all cash sale early on, or via a Short Sale, Staten Island All Cash is prepared to help.
Mistakes Made By Homeowners Facing Foreclosure
One of the mistakes made by homeowners facing Foreclosure is hiring a real estate agent. A property facing foreclosure is not likely to be well presented for showings. Potential buyers likely know the status and submit lowball offers. They know that the owner is desperate to sell. Meanwhile, agents often take weeks or months to find a buyer. Appraisers and lenders get involved. They may fear that there are additional liens on the property. If the transaction does happen, the agents would take additional thousands of dollars in commissions.
On a $300,000 sale, 5% in commissions would amount to another $15,000 taken out of the purchase price. Some real estate agencies charge 6%.
Taking control ahead of time allows the homeowner to plan their next move. That could be the difference of retaining thousands of dollars of furniture and important personal possessions. It could also save time off from work or even job loss.
It has happened where homeowners waiting until it is too late wind up forced to move in with family members. Others have wound up on the street or trying to live in a car.
Act Fast To Avoid Foreclosure
Doing a Short Sale or an all cash sale early enough provide the homeowner with better options:
- More cash available for the next move and expenses
- Ability to save furniture and important possessions
- Maintain credit scores, credit cards, and line(s) of credit
Staten Island All Cash understands the significance of acting fast to avoid long term consequences. Our local expertise helps homeowners from Tottenville to Mariners Harbor and all points in between. Sellers receive the help and support they need through the entire process.
Contact us for more information.