A foreclosure on your credit report will have lasting implications on your credit for at least seven years. It will affect any and all applications you apply for in regards to types of loans, resulting in rejections by lenders. This means that you will not be able to take out a loan to buy a car or even get a credit card in most cases. Do not let a foreclosure ruin your credit as well as potentially embarrass you socially.
The majority of homeowners make a very serious mistake when trying to avoid foreclosure in Westchester or anywhere else for that matter. The most common response to foreclosure proceedings or even the prospects of a looming foreclosure is to go incommunicado. This means avoiding calls from lenders, reaching out for help to professionals, acquaintances or even family members. Avoidance is the worst approach to dealing with foreclosure.
If you want to avoid foreclosure, you have to seek out a solution tailored to your financial situation and other individual circumstances.
The best way to avoid foreclosure in Westchester is to act even before you receive your first notice of default. If you anticipate that you won’t be able to keep up with your monthly mortgage payments due to your strained financial situation, you should try to sell your home even before the foreclosure proceedings being.
If you want to close the deal quickly, you can find cash buyers who will complete the closing process within a few days. They are able to do this because their offer will not be contingent on financing or home inspection. Most cash buyers are real estate investors who purchase properties ‘as-is’. You won’t have to spend money on repairs and renovations. As a person not experienced with construction work, you will be prone to wasting money on useless repairs that won’t add any value. The better option is to offer a discount on your sales price. It will likely trigger a bidding war and may help you sell the property over the asking price. The best advantage of selling your home before it is in foreclosure is that you will avoid a serious damage to your credit. You can plan a fresh start in life without having to worry about your credit score. For more information on finding a cash buyer, you can contact E2F Properties.
Most sellers are not aware of the fact that they can sell their home even when it is in foreclosure. These properties are called pre-foreclosures, waiting to be actioned or sold in a traditional way by lenders. You can tell your lender that you want to find with a cash buyer or find a buyer who will negotiate with the bank a short sale. Most lenders will cooperate as they want to avoid the costly and lengthy legal process involved in foreclosing upon a property. Most lenders will even agree to a short-sale where they will accept less money than what you owe. For more information on the short sale process, call (914) 999-2293 and we are happy to put you in touch with our short sale specialist.
If you want to keep your house, you can consider other foreclosure alternatives including loan restructuring or modification, forbearance etc. If you have exhausted these options and do not want to ruin your credit with bankruptcy or foreclosure, than selling your property may be the best option for you. Keep in mind that bankruptcy is usually recommended as a great way to avoid foreclosure and stall time, but it also damages your credit the same way as a foreclosure does.
Whatever your situation, the bottom line is that there are always resources and people to help you out of any situation.
E2F Properties is Westchester County’s premier real estate redevelopment company. If you have a home that you need to sell or if you know of a property in your neighborhood that you think needs renovation, please call us to discuss your options! We are a solutions company and are available to help! (914) 999-2293