When a mortgage’s principal balance is higher than the home’s current value, this is known as an underwater mortgage, or an upside-down mortgage. Usually, this happens when the market value of the property declines, resulting in its market value being lower than the outstanding balance on the loan that was used to purchase it, causing an increase in debt.It’s important to stay in your home for several years to build equity in your home, so as to take advantage of the changing real estate market over the long run.
There are a wide variety of factors that drive homeowners to consider selling their homes, including moving long distances closer to family, relocating for work, or experiencing financial hardships.
The stress of selling your home can often go hand-in-hand with any other stress you might be experiencing as part of your daily life, which is expensive and time consuming. Moreover, it is probably going to be one of your most significant financial transactions in your life, and you naturally want to make sure that you are getting the best deal possible regardless of your individual circumstances.
In many cases, sellers feel overwhelmed when faced with a mortgage underwater; however, when you understand your options, you will be able to move forward with confidence and make decisions based on your understanding of your options. The following options are available to you if you are having difficulty making payments and you need assistance. The following article explains what you can do if you find yourself with a New York mortgage that is underwater but you aren’t sure what to do.
Lender Options
The first thing you need to do if you have a New York mortgage underwater is to seek out the options offered by your lender, such as a loan modification, short sale, or submitting a deed in lieu of foreclosure, if these options are available to you. The best way to navigate any of these processes is to be fully aware of what a lender is going to be expecting from you before you begin.
The other aspect that you need to understand is how your efforts will affect the outcome, as well as the negative consequences, such as the effect they will have on your credit score and the reasons why you should avoid foreclosure altogether.
You can get advice from professionals, such as those at Sell My NY Property Fast, on the differences between different courses of action and how to weigh the pros and cons of each one. Whenever we work with a seller, our professional buyers work with a policy of 100% transparency because we want what is best for the seller; we are grateful for our service in helping New York sellers solve their problems with the sale of their property.
Direct Sale
It is also possible for you to directly sell your home if your New York mortgage is underwater, so that you do not need to deal with your lender, deal with all the paperwork, or jump through hoops to meet deadlines and satisfy the lender.
In addition to the fact that a direct sale can save you money, you won’t have to worry about upfront spending for prep, repairs, or marketing costs such as real estate commissions or marketing expenses. As a professional home buyer, Sell My NY Property Fast is able to buy houses in as-is condition and they take on all the risk associated with doing that.
You will never be charged a commission by Sell My NY Property Fast, and no hidden fees are ever incurred at the closing when you sell your property to our professional buyers. Our team of industry specialists at Sell My NY Property Fast is able to do all the work and help you with it so you won’t even have to worry about closing costs.
As a result of having a team of local professionals at our disposal, we are able to work quickly and efficiently, providing New York sellers like you with a mortgage underwater with a guaranteed closing date, in many cases within a couple of days.
We also encourage you to speak with one of our local professionals at Sell My NY Property Fast about which day is the best time for you to move.
There is no better way to sell your New York home if you have an underwater mortgage than to sell directly to one of our professional buyers at Sell My NY Property Fast. The best part is that Sell My NY Property Fast makes selling direct easy for sellers through straightforward contracts, and an offer we are confident you will agree is fair.
We would like you to know that Sell My NY Property Fast is your neighborhood real estate company that lives and works alongside you in New York, and we want you to feel good about working with us long after the closing has taken place.
It is for this reason that the professional buyers at Sell My NY Property Fast will be more than happy to sit down with you without pressing you for any commitment, and will allow you to compare what you would profit from each choice and decide what is best for you, based on your current situation and financial resources. Please call Sell My NY Property Fast at (516) 650-2114 for more information.