Whether you overpaid for the property in a bidding war, you’ve fallen behind on mortgage payments, or property values have dipped, being upside-down on your mortgage or owing more than the current market value is a less-than-ideal situation for homeowners. There are also still a host of sub prime mortgages from the 2004-2007 era that have outstanding balances, with adjustable rate mortgages and negative amortization loans. If circumstances force you to sell your house due to foreclosure instead of waiting out a market turnaround for values to rise, you may feel backed into a corner. Understandably you don’t want to make a costly misstep when faced with this dilemma, so exploring your options is helpful.
With so many decisions ahead, being fully informed and weighing the benefits of each will help you feel confident in the action you take. So read on as we explore four things you can do if you are upside-down on your mortgage in New York.
Assessment
The first thing you can do if you are upside-down on your mortgage in New York is to get a realistic picture of where you stand. Then, contact your lender for the amount owing on the mortgage and schedule a professional appraiser so that you’ll work with exact numbers.
We can help you with a free complimentary assessment of all of your debt on your property, including mortgages, liens, judgments, title issues, violations, tickets, and condemnations.
Professional cash buyers and short sale negotiators like those at Homeowners Resource Group, Inc. want you to make an educated decision about your future, so they’ll compare what you could earn from listing vs. a cash offer to buy your house directly as-is, and you can skip the prep, cleaning, and repairs. At Homeowners Resource Group, Inc., our professional cash buyers provide all the details used to calculate our offer because we want you to agree it is fair and feel good about working with us long after closing. We have closed over 1000 short sales in the last 5 years, helping over 2000 homeowners and their heirs to avoid foreclosure and be able to walk away with cash incentives from the sales of their properties that they deemed worthless.
Short Sale
Naturally, you want to try every option if you are upside-down on your mortgage in New York; while a short sale has some consequences, they don’t compare to the fallout from claiming bankruptcy or a foreclosure on your credit record. Professional short sale specialists like those at Homeowners Resource Group, Inc. are highly seasoned negotiators who can work out a short sale with your lender. A direct sale to one of our professional cash buyers such as American Property Purchasers LLC makes it easy to solve your home selling troubles in New York.
Even if you tried doing a short sale in the past and it was denied, we are able to try for you again, at no cost to you. We will handle the entire transaction from start to finish, with as little of your involvement as possible. You will also have an attorney represent you in the sale that is paid for by the bank upon closing out of the net proceeds that are distributed on the HUD-1 settlement statement as approved by the bank.
Pay the Difference
Another thing you can do if you’re upside-down on your mortgage in New York is to sell the property and bring the amount owing to the closing table to pay off the remainder of the mortgage. With a direct sale of your New York house to professional cash buyers, you’ll get a fair value and won’t pay any real estate commissions. The bank will waive the deficiency judgment and they will state that they will on their short sale approval letter that is issued at closing. You should not be responsible to pay back any debt that you are insolvent at paying and it is the bank’s agreement that they will not come after you for any shortfall of debt.
At Homeowners Resource Group, Inc., our professional buyers operate with total transparency. At Homeowners Resource Group, Inc., there are no hidden fees, and because of our full-service in-house team of industry specialists, you won’t pay any closing costs, and we can provide you with a fast, guaranteed closing day. Or talk to your professional buyer from Homeowners Resource Group, Inc. about selecting the best calendar date for your closing.
At Homeowners Resource Group, Inc., our professional cash buyers are the best option if you are upside-down on your mortgage and need to sell. At Homeowners Resource Group, Inc., our professional cash buyers stop everything and listen to sellers to help find the best resolution for your situation. We have helped thousands of homeowners and their heirs to avoid foreclosure, have all their debts against the property settled and paid in full through short sales. We certainly have the track record and experience to prove it.
Feel free to ask us any questions or express any concerns you may have about the process of a direct sale of your house. At Homeowners Resource Group, Inc., we are your neighbors who live and work alongside you, and we are proud of the work we do helping New York sellers with unique and individualized solutions, one seller, one property at a time. So why learn more about the difference a direct sale of your house can make by talking with a professional buyer from Homeowners Resource Group, Inc. for yourself without obligation? Call Homeowners Resource Group, Inc. at (631) 759-4408.