59 Rockaway Ave, Valley Stream, NY 11580
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Foreclosures

Pre-Foreclosure Sale

A pre-foreclosure sale is when a homeowner who is in danger of defaulting on his/her mortgage decides to sell the property and use that money to pay off the mortgage and avoid foreclosure. By using the money obtained in the sale to pay off the debt, the homeowner avoids damage to his/her credit rating.

Refinancing

Refinancing is using the equity you have in your current home in order to acquire a new mortgage, and in some cases, extra cash. When you refinance, you swap out your current mortgage for one with terms that are more favorable to you. Refinancing your mortgage can reduce the interest rate you are paying on the loan and/or lower your monthly payments.

You also have the option of acquiring extra cash through cash-out refinancing. Simply put, cash-out refinancing entails refinancing your mortgage for more than you owe on your existing loan and pocketing the difference. For example, let’s say you still owe $200,000 on a $400,000 home. With cash-out refinancing, you can refinance your mortgage for $250,000, get better terms than your previous mortgage, and pocket the additional $50,000.

Short Sale

Homeowners unable to make enough money on a pre-foreclosure sale to pay off the outstanding debt may be able to talk their lenders into accepting a short sale. Because the cost of foreclosure can be high, it is sometimes beneficial to the lender to accept less than what is owed and avoid the foreclosure process. A short sale is when the borrower sells the mortgaged property for less than what is owed on the loan and hands over the proceeds to the lender in exchange for being relieved of all debts.

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