Is Foreclosure In Your Future?
You may be wondering if foreclosure is in your future since there are many scenarios that lead to this position – however, there are only a few ways to find your way out of it. The news of foreclosure comes in a few ways too: a literal knock at your door, a red-stamped envelope in the mail, or even a phone call at an inappropriate hour. Whatever its form, the message is the same; it’s time for you to decide what to do.
How foreclosure can creep up on you
To better understand the position you may be in, let’s first explore the most common ways people find themselves in foreclosure.
The last thing on people’s minds when when parting ways is often how to settle business amicably. It only takes a few neglected mortgage payments to trigger the foreclosure process.
Loss of a Job
It happens to the best of us. In this economy, searching for a new job can take a bit longer than expected. It’s easy to lose track of things and fall behind on your bills – especially when money isn’t coming in.
Death in the Family
As if there wasn’t enough to deal with already, a death can leave a lot of questions unanswered. Probates (how wills are processed and distributed) can either simplify the process or complicate it further.
This is yet another grab-bag of possibilities because financial distress can come in many forms. Hospital bills, bad investments, family complications are all scenarios that can lead to foreclosure.
Your options when foreclosure is in your future
Whatever your reason, here’s the good news: the sooner you get started, the sooner you’ll realize the process can actually be freeing. What do we mean by that? There’s a sense of accomplishment and relief that comes with taking charge. Once you’ve identified your options, you’ll be one step closer to being free. Clear The Way Supportive Housing helps you to take back your life.
So, what are your options? It all depends on your desired outcome. Some people may want to try and stay in their home. Others may find comfort in giving themselves a clean slate. Whether it’s your property, one you share, or even one passed onto you by another, it is ultimately your decision to choose the path that leads to peace of mind. Rid yourself of the headaches and heartache and equip yourself with the knowledge to make the right choice. Our Housing Counselors will have a private and confidential meeting with you to review these options:
Keeping Your Home
If your bank is willing to play ball (fingers crossed), sometimes they”ll be open to the idea of refinancing your current rate. Believe it or not, banks hate defaulting on loans as much as you do. Although it is possible to negotiate with them on your own, the Housing Counselors at Clear The Way Supportive Housing recommend utilizing our expertise to negotiate on your behalf. Banks tend to be cold and calculating, and as such, it’s best to have someone in your corner who’s experienced in dealing with banking policy.
Not Keeping Your Home
More often than not, people are happiest with this outcome. By not keeping your home, you give yourself an opportunity to move on with a clean slate and a cleaner conscience. After all, letting go of your house means also letting go of that unpaid debt hanging over your head.
There is a science to this process and Clear The Way Supportive Housing has studied it. You can’t simply remove yourself and move on to your next home. Firstly, you must settle your mortgage. The problem is if foreclosure is in your future, odds are that you may own more than what you can currently afford. Worst case scenario: you sell your home, pay off your mortgage, and STILL owe money to the bank.
Clear The Way Supportive Housing will work towards the best case scenario: a cash offer from a trusted investor.
First, let’s discuss the cash offer:
Our experienced Housing Counselors work with the simplicity of this option. Let’s call you Party A, the bank Party B, and the cash offer Party C. Party C makes the cash offer to Party A, and upon acceptance, Party A transfers ownership of their house to Party C. Party A is now cleared of their mortgage responsibilities, while Party C assumes all mortgage payments owed to Party B from that moment on. Party A is now able to use that cash to buy a home within their budget while still saving some money for a rainy day.
We understand that there are trust concerns...after all, who CAN you trust nowadays? Today, there are more sharks on land than there are in the water, all of which who want to hand you a bum deal while they make off like bandits. What you need is someone who’s been in your shoes. Clear The Way Supportive Housing is a company with founders who have experienced foreclosure themselves and have learned from their experiences. They have worked with hundreds of Long Island homeowners (including their own family and friends) in your same position. These are the kinds of people who know how you feel, and most importantly, know what it takes to get you a fair deal.
After all, peace of mind isn’t a dream – with the right cash offer from the right person, you can finally reward yourself with a clean slate, money in the bank, and limitless opportunities to do things the way you always wanted.
If you’d like to have a free, no-hassle, confidential and caring discussion to go over your options, contact Clear The Way Supportive Housing today, we are more than happy to help you through this difficult time.