We Stop Foreclosures in Queens NY Once and For All
Evaluating the situation
People face foreclosure for many reasons including divorce, job loss, excess debt, sudden illness and more. In spite of your reasons for facing foreclosures in Queens NY, one of our experienced foreclosure specialists will assess your situation to establish the most effective and suitable approach that can be used to stop it.
Depending on your situation, we can opt for any of the following methods to ensure your home is not part of foreclosure houses in Queens:
Chapter 13 Bankruptcy
It’s a bankruptcy type that enables someone in debt to continue owning their assets while paying their creditors. It’s a common type of bankruptcy and suitable for those who can pay back the money owed using a plan approved by the court.
Before filing for chapter 13 bankruptcy, you should meet various requirements. To start with, businesses can’t use Chapter 13, and you need to show that you have adequate income to fulfill the terms of the payment plan. The best way to determine this is to look at your income and subtract payments and expenses such as car loan and home loan. To find out whether you qualify for Chapter 13 bankruptcy, call us to talk to an expert in foreclosures in Queens NY.
If you are completely unable to pay your home loan, you can agree with your lender to sell your home at an amount less than the pending loan, and the proceeds will go to the lender. This is known as a short sale and is one way of preventing foreclosures in Queens NY. It can prevent you from undergoing a foreclosure and is usually an affordable and easier approach for lenders too, even though some of them may accept an amount less than balance you owe them in debt.
The other benefit of a short sale is that you don’t pay the extra fees associated with foreclosure houses in Queens NY. And even though your credit score may drop after the short sale, it won’t drop more than if a foreclosure happened.
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We negotiate with your bank
When you have received foreclosure summons, you are only left with a few options in addition to the mounting stress. Whether you intend to continue staying in your home or list it among short sale homes for sale, we can fight for you to have your home sold or loan modified.
Our experienced experts will negotiate with your bank on your behalf. We will not only be able to prevent your house from being among foreclosed homes in Queens NY, but we can also buy your home and thus settle with the bank for you and potentially put money in your pocket.
When the homeowner fails to pay back the loan on time, the lender sends he homeowner a Notice of Default (NOD). If the homeowner doesn’t take any action, the lender will go to the court to get a notice of Trustee Sale. After 20 days, the lender will sell the house through public auction.
Should you choose loan modification, the lender will cooperate with you to make some changes to your current home loan to ensure it’s more affordable. The changes include:
• A lower interest rate
• A lower principal
• Ensuring the monthly payment is a fraction of your household income
• Waived or reduced penalties or late fees
• Temporary relief from your monthly payments
The process of loan modification requires you to have some requirements so as to qualify. It also means you should work together with the court and the lender to come up with a new payment plan. This is why you need to consult the specialists of foreclosures in Queens NY before you make any legal decisions.
You will need someone trustworthy to go through your current mortgage agreement and ensure you get the best result from your mortgage modification. We have spent many years helping borrowers with houses in foreclosure in NY, and with the same experience, we can stop or stall the foreclosure process for you too.
Short sale requirements
For a short sale to go through, you should meet some requirements, which include:
• You are unable to make payments because you are facing financial hardships
• You lack the necessary assets that can cover the pending balance
• The market value of the home is below the balance you owe the lender
• There’s a buyer available to buy the home
• Your lender accepts your offer for a short sale
As you can see, you should consider many factors before you consider a short sale. Be sure to speak to one of foreclosure experts if you want to opt for a short sale in a bid to stop your property from being among the foreclosed homes in Queens NY.
Finding the Best Solution for You
There are many foreclosure prevention methods. Many approaches can be used to slow down the foreclosure process, but only three ways can stop it altogether. They include paying past due fees or payments, modifying a loan or paying it off.
We’ve seen lots of folks exhaust their resources by robbing their 401k or getting loans from other sources just to ensure their homes don’t go. These solutions might seem like a quick fix, but they often result into more issues later on because they are basically a temporary band aid that don’t address the source of the problem. Before you withdraw money from the retirement account or borrow money from a friend, you should first consult with a foreclosure specialist.
During the initial stages of your consultation with us, our goal is to unveil a plan that will address your issue with as little emotional and financial distress as possible.
Where you currently stand in the foreclosure process will determine the approach we take. You could be at the pre-foreclosure, which means no one has filed a foreclosure suit against you yet, or post-foreclosure, which means you have been issued with a notice of an imminent foreclosure lawsuit.
Either way, we prevent foreclosure from taking place and initiate a negotiation process with the bank for you.
We are here for you
We work with mortgage companies, government agencies, major financial institutions, and everyone in between. We treat each client like our family. Foreclosure prevention is our goal. We are here to help you ensure your property won’t be part of foreclosure houses in Queens. If you need a free consultation to find out whether a loan modification can work for you, call us at ((917) 549-7073).
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