If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Poughkeepsie, NY can expect during the foreclosure process.
Default
Lenders understand that homeowners in Poughkeepsie, NY may experience temporary financial hardships, such as job loss, illness, or unexpected expenses, and as a result, many offer a grace period to help homeowners get back on track. During this time, you may be able to negotiate a loan modification, repayment plan, or other solutions that could help you avoid foreclosure. However, if you’ve fallen behind on your mortgage payments and don’t foresee a way to catch up in the near future, the lender will likely begin reaching out in a variety of ways as the foreclosure process progresses. Expect phone calls, emails, and letters—sometimes even certified mail—as they attempt to contact you.
The lender’s primary goal is to work with you to find a solution that prevents the foreclosure from moving forward. They may offer you options like a forbearance agreement, which temporarily reduces or suspends your payments, or a repayment plan to help catch up on missed payments over time. If you’re facing a particularly difficult situation, they might even explore alternatives like a short sale or deed in lieu of foreclosure. While this communication can feel overwhelming, it’s crucial not to ignore it. Ignoring the lender’s attempts to reach you can lead to further complications and make it harder to work out a feasible solution. By staying in touch and discussing your options, you have a better chance of finding a resolution that minimizes the impact on your financial future.
Notice of Default
Lenders will issue a notice of default to homeowners in Poughkeepsie, NY, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Poughkeepsie, NY who have entered the foreclosure process but can catch up with past due payments, including interest and any penalties, can stop the process at this point by working with the lender to reinstate the mortgage, then continue paying their mortgage as usual.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Poughkeepsie, NY can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
During the foreclosure process, the final step for homeowners in Poughkeepsie, NY is the auction, where the property is put up for sale to the highest bidder. The winning bidder is typically required to pay for the property immediately, often in cash or through a secure form of payment. This fast-paced auction process can be stressful for both the homeowner and potential buyers, as the fate of the property is determined in a matter of minutes. If the home doesn’t sell at the auction, it becomes what is known as an REO (Real Estate Owned) property, which means it has reverted back to the lender or bank.
Once the property is classified as an REO, the lender takes ownership and will attempt to sell the property through traditional means, such as listing it with a real estate agent. If you’ve yet to vacate the premises, the new owner or lender will likely initiate the eviction process to take possession of the property. This can be an uncomfortable and stressful time, especially if you are still living in the home. In some cases, however, the lender may offer assistance to help you transition out of the home more smoothly. One common practice is offering cash for keys, where the lender provides you with a monetary incentive to leave the property in good condition and hand over the keys voluntarily. While this can offer some relief during a challenging time, it’s important to understand that the eviction process could still proceed if you are unable to reach an agreement with the lender or new owner.
Another Option
For homeowners in Poughkeepsie, NY facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Hudson Valley Cash Buyers. First, the professional buyers at Hudson Valley Cash Buyers will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Poughkeepsie, NY real estate market. Then, professional buyers from Hudson Valley Cash Buyers provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. And we’ll provide you with a guaranteed closing date, often within days. We do this at Hudson Valley Cash Buyers for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Hudson Valley Cash Buyers, we are your neighbors here in Poughkeepsie, NY, living and working alongside you, a part of the community; we want you to feel good about the deal long after you’ve left the closing table.
Hudson Valley Cash Buyers
Selling directly to Hudson Valley Cash Buyers can turn everything around for homeowners in Poughkeepsie, NY facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Hudson Valley Cash Buyers is complete transparency and no pressure. And, to save you even more money, at Hudson Valley Cash Buyers, we buy houses as-is for cash in Poughkeepsie, NY, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Hudson Valley Cash Buyers, talk to us about the arrangements that would work best for you. Call Hudson Valley Cash Buyers at (845) 490-5694.