What is a Pre-Foreclosure in Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York?

With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

So what is a pre-foreclosure in Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York anyway?

Many homeowners across America and Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Of course this number can vary by bank and situation sometimes.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options that can delay or even prevent losing your home:

  • If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York mortgage broker… or contact us and we can connect you with a reputable one.
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York like us at Jeff and Jenna Buy Houses , using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your Wallingford, Warwick, Meriden, New Haven, Torrington and many more cities...as well as New York CT area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
  • You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off.  In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
  • You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.

Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.

If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.

Ways We Can Help If You’re In Pre-Foreclosure

If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.

Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us at 800-523-4204
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

About Jeffrey

Mr. Weiller has some 35 years of experience in the real estate and capital business which includes 100s of residential real estate investment deals putting deserving American families left behind by the mortgage crisis on a path to home ownership. Other experience includes secured financing deals ranging in size to $100 million, investment property sales, landlord representation, and tenant representation. Prior to forming NYCL. Up until the tragic events of September 11th, 2001, specialized in the World Trade Center submarket of New YorkCity and worked in the smoking aftermath helping surviving businesses relocate. Previously was business partner with one of the top dealmakers/leasing brokers in the country. Together completed many major transactions including: the sale of the Colgate Development Site in Jersey City, NJ, with 6 million square feet of development rights to Hartz Mountain/Leonard Stern, two 1 million sq. ft. leases with Prudential Securities and Paine Webber Securities for which entire office buildings were built and rebuilt around, the sale of 100,000 sq. ft. of air rights on Broadway to the Related Companies and represented VNU and Thomson Reuters Publishing, both major publishing companies, nationally in their multi-million square foot portfolios of real estate and has had daily dealings with major Manhattan and nationwide property owners and completed many tax lien foreclosures in New Jersey for his own account.

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