The most common alternatives to foreclosure in New York

On Behalf of | Jan 18, 2019 | Real Estate Transactions

If you are a homeowner who is going through a difficult time financially, you may be wondering what your options are to resolve your situation. People very often want to avoid losing their home at all costs, but at the same time, they can be reluctant to take action.

It is important that you do not avoid these financial problems and that you face the challenge head-on. One of the best places to start is engaging in extensive research regarding your potential options.

Modifying your mortgage

Many people do not realize that their bank is likely to be very accommodating when they are having problems paying their mortgage. This is because banks do not want to have to go through the process of a short sale or foreclosure. They would rather resolve the situation by making payments easier for the debtor. Therefore, you may be able to ask for a temporary halt on repayments or lowered repayments.

Going through a short sale

Many debtors do not willingly go through a short sale, but it can be a better option than foreclosure in certain circumstances. This is because they will not suffer from having a foreclosure on their credit history. However, short sales mean that you will likely not be able to sell the property for what it is truly worth.

If you are struggling to keep on track with your mortgage repayments in the state of New York, it is important that you take action to remedy the situation as soon as possible. There are many options available to you, especially if you are proactive in your approach.