SAG HAMPTONS
TO STOP A FORECLOSURE
For those under pressure with your mortgage, please visit the following links to New York State Banking dept as well as two local HUD-approved NON-PROFIT organizations that will help you apply for a loan modification. You DO NOT HAVE TO PAY for these counseling services, and there are many con-artists preying on people that need the help to avoid losing their homes. There are other companies, but check those out with NYS Banking first to make sure they are approved...here's a helpful link.
http://www.banking.state.ny.us/hetp.htm
http://www.americandebtresources.com/site68.php
http://www.cdcli.org/services_subitems.asp?sid=1&ssid=33
If you need some suggestions about what to do, the first thing that all of these counselors suggest is to be proactive and contact NYS Banking, then your bank. It does take a long time for a bank to take the home, and there are many steps that can be taken in between that stop the sale. It could take years.
any questions, call or emailSimon
(631) 725-4357 (917) 822-6652 SimonTheBroker@aol.com
Simon just attended an Auction for this Contemporary home in East Hampton, NY
click on the home to read all about it...
TO BUY A FORECLOSURE
Even though foreclosure sales sometimes represent a value, they don't always.
The reality about buying investment properties in default is three-fold...
1- Foreclosure proceedings can take a very long time, (and in Suffolk County it is rumored to be up to two years from a missed payment)...and a loan modification could take the place of a sale at the last minute.
2- If a property is foreclosed and sold at an auction, often the house has not been taken care of and needs at least some minor work, and sometimes a lot of work that one cannot see...nor have time to inspect properly.
3- Often a house is foreclosed because there is more owed on the property than it is worth. Read this as many times as you need to until you understand what it says. Foreclosures do not always represent a good deal.
Occasionally they do represent a value, as banks do not want to own real estate. They do not want to manage the properties, nor do they want to affect their ratios. Always keep in mind that banks are savvy sellers, and the buyers circling the foreclosures are also well versed and often experienced lawyers, sometimes they're sharks. Sometimes they're rank amateurs that are dangerous to even themselves. If you don't know which one you are, then you're probably not a shark...and you probably could get hurt.
There's also some negative energy attached to investing in foreclosures, and it isn't always pretty. Sometimes it's a business decision to let a bank take a home, and sometimes it is a family that met with unforeseen circumstances. That might not be something you've thought about.
any questions, call or email Simon
(631) 725-4357 (917) 822-6652 SimonTheBroker@aol.com
...directly on The Long Wharf
in Sag Harbor, NY, 11963
