How pre-foreclosure works on Long Island
You will typically receive a written notice/warning from the lending institution once you’ve missed 3-6 months of mortgage payments. When you receive that notice from the lender, you are officially in “pre-foreclosure.” Lenders will typically give you three months to become current, but we have seen different banks offer different lengths of time. If you fail to make the necessary payments, the bank will foreclose on your home (assume ownership), and you will likely be evicted. Thankfully, during this stage of the foreclosure process, you as a mortgage holder have the opportunity to take advantage of several options to prevent losing your home.
In foreclosure? NOW is the time to do something about it!
There is no shame in facing a pending foreclosure- millions have been in this situation before you, and millions more will be there someday. The most important thing you need to do is figure out what your options are and choose the option that makes the most sense for you- and you need to do this quickly. Too many people in this situation just sit around and wait for the problem to resolve itself. If you let the situation control you, it rarely ends well. The best thing to do is take control of the situation.
Want to avoid stress? Remove the cause of the stress
If you believe there’s little to no chance of catching up on past due amounts or resuming regular payments, then selling your home quicklyis likely the best course of action for staving off foreclosure. By acting quickly and selling your home, you can prevent the harmful penalties associated with foreclosure from effecting you. By selling your home before foreclosure, you may even be able to keep your equity you have invested in the home.
We can help avoid foreclosure
With over a decade of experience in foreclosures, short sales and helping homeowners avoid foreclosure, Integrity Home Investors should be your one call. We can expedite the purchase process to help you keep your credit intact by stopping foreclosure and eliminating your financial strain before it is too late. In many cases, we can buy your house, bring your payments current and possibly give you equity back out of your home. There may even be situations where we can help even if your house has no equity.
In a foreclosure situation, time is of the essence. Call us at (631) 944-5252 or fill out our online form today for a confidential, no obligation consultation on how we can get you cash out of your Long Island home and save your credit from foreclosure before it is too late!