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 Buffalo, NY can expect during the foreclosure process. The foreclosure process can be overwhelming for homeowners in Buffalo, New York, especially when facing the loss of a home. However, understanding the steps involved can help you navigate the situation and potentially find ways to stop the process before it’s too late. Here’s an overview of what you can expect during the foreclosure process in Buffalo.
Default
Lenders understand that homeowners in Buffalo, NY may go through temporary financial hardships, often having a grace period for these situations. However, suppose you’ve fallen behind and don’t see any options on the horizon. In that case, you can expect the lender to contact you in every way possible during the foreclosure process, attempting to work out a payment arrangement to avoid further action. Foreclosure usually begins after several missed mortgage payments. Lenders typically wait until you’ve missed three or more payments before taking action. If you fall behind on your mortgage, the lender will likely send a Notice of Default (NOD), which indicates that you are in danger of foreclosure. This notice will outline the amount you owe and the steps you need to take to remedy the situation.
During this phase, you may have the option to reinstate your loan by paying the overdue amount, including fees and interest. Some lenders may also offer forbearance or a loan modification to help you catch up on payments.
Notice of Default
Lenders will issue a notice of default to homeowners in Buffalo, NY, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Buffalo, 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 Buffalo, 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). Once the court issues a foreclosure judgment, the property will be scheduled for an auction, typically held at the courthouse or another public location in Buffalo. This foreclosure auction is an opportunity for potential buyers to bid on the property. The home will likely be sold at a price lower than its market value.
The homeowner is usually not permitted to participate in the auction or buy back the property. However, some homeowners negotiate a deed in lieu of foreclosure with the lender, where they voluntarily hand over the property to avoid the
Auction
During the foreclosure process, the final step for homeowners in Buffalo, NY is the auction, where the winning bidder must pay for the property immediately. Should the home not sell at auction, it will become what is known as an REO or real estate owned property, converting back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys to attain possession.
Another Option
For homeowners in Buffalo, NY facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Buffalo Brick & Mortar LLC. First, the professional buyers at Buffalo Brick & Mortar LLC will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Buffalo, NY real estate market. Then, professional buyers from Buffalo Brick & Mortar LLC 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 Buffalo Brick & Mortar LLC for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Buffalo Brick & Mortar LLC, we are your neighbors here in Buffalo, 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.
Buffalo Brick & Mortar LLC
Selling directly to Buffalo Brick & Mortar LLC can turn everything around for homeowners in Buffalo, 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 Buffalo Brick & Mortar LLC is complete transparency and no pressure. And, to save you even more money, at Buffalo Brick & Mortar LLC, we buy houses as-is for cash in Buffalo, 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 Buffalo Brick & Mortar LLC, talk to us about the arrangements that would work best for you. Call Buffalo Brick & Mortar LLC at 716-403-2016.