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Stop Foreclosures In New York How To Prevent Foreclosure With A Short Sale


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Prevent foreclosure. Learn how to prevent foreclosure with a short sale.

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Stop Foreclosures In New York How To Prevent Foreclosure With A Short Sale

  1. 1. Stop Foreclosures in New York How to Prevent Foreclosure with a Short Sale If you’ve been looking at the papers lately, you should see that the number of foreclosures in New York City has dropped off the map in the first quarter of 2009. That’s because a new law designed to stop NYC home foreclosure was just taking effect. That law provided for an additional grace period for homeowners who are behind on their mortgage payments. The grace period has expired for many homeowners, and the foreclosure process will begin in earnest in the second quarter. Home prices in New York City are predicted to drop by at least 15% in 2009. Analysts also predict that a quarter of a million jobs in the financial sector will be lost before the end of the year. Having trouble believing that? A Bloomberg article last week shows that home listings in the Hamptons rose 15% in the first quarter of 2009, primarily on the loss of nearly 25,000 jobs in the financial sector. At the same time, initial asking prices in those same neighborhoods have been discounted by 11 percent over the same period last year, and the median selling price is down 23% from one year ago. Homes aren’t selling right now, and if you’re in a pricey neighborhood, the reality that you may need to take drastic action to stop a NYC home foreclosure may just be sinking in. Sell Home Owner is the premier short sale service in New York City. Our negotiation staff is made up of licensed attorneys and real estate professionals who work exclu- sively on short sales. Under the best of circumstances, a short sale can take four to six months to negotiate. During that time, the stress on the homeowner can be unbelievable. It’s not a matter of making a few phone calls or writing a couple of letters. It’s a long process and it’s best handled by people who understand the implications and risks associated with a short sale. For those in trouble, a short sale is a great way to prevent foreclosure. “Our short sale service is a winner all around. You sell your home in a market that already has a 19-month inventory of unsold homes and the bank gets cash back instead of another vacant property. If you want to avoid foreclosure, Sell Home Owner can help. One of the biggest problems homeowners face is waiting too long to ask for help. Contact us today and let us show you how you can start breathing again,” says the representative from Sell Home Owner. If you are considering a short sale, and are looking for a short sale specialist firm, choose the right partner by using the following guidelines: • Look for a company that does not charge fees. The only short sale companies that charge fees to the seller are scam artists who want to take your money and run. These companies ask for a fee, because they want a “guarantee” that they will make a money off of your account, regardless of whether or not your home sells. True short sale companies will not charge you a fee for your business, and instead work off of a commission structure based on their sales. This means that they do not get paid unless they obtain a successful short sale of your home. • Make sure the company has licensed and bonded mortgage brokers on staff. If a company does not have licensed professionals on their staff waiting to help you, then you are most likely involved with a scam. Remember, if you want to get the best possible price for your home, you need to work with someone who has proven experience and strong relationships with lenders. • Check to confirm that lawyers, not simply sales professionals, review all contracts. Lawyers’ are the only qualified party to review these complex contracts, and they can prevent you from making several critical errors. Short Sale Scams Boom In Recession Page 1 of 2 Sell Home Owner
  2. 2. • Lastly, look for a company that pays its employees with a percentage of your sale. This means that the employees are going to work as hard as possible to get you the best price. How long have you been working with short sales or foreclosure prevention? If the answer is a short time, this can indicate someone who has recently joined this market in order to make a quick profit. Remember, if you are stuck in a house you can’t afford, there are thousands of people just like you. Don’t let shame or embarrassment keep you from taking steps to prevent foreclosure. Find a solid company to represent you and move forward. For additional information on short sales, or preventing foreclosure, visit Short Sale Scams Boom In Recession Page 2 of 2 Sell Home Owner