What to do if foreclosure is in your future?

by Feb 19, 2018Blog Post

You may be wondering if foreclosure is in your future since there are hundreds of ways to find yourself in this position – however, there are only a few to find your way out of foreclosure. If you’ve heard the proverbial knock at the door, you know a big decision is waiting at your doorstep. The knock itself comes in many forms: a literal knock at your door, a red-stamped envelope in the mail, or even a phone call at an inappropriate hour. Whatever its form, the message is the same.

Time to decide.

How foreclosure can creep up on you

To better understand the position you may be in, let’s first explore the most common ways people find themselves in foreclosure.


The last thing on people’s minds when when parting ways is often how to settle business amicably. It only takes a few neglected mortgage payments to trigger the foreclosure process.

Loss of a Job

Hey, it happens to the best of us. In this economy, searching for a new job can take a bit longer than expected. It’s easy to lose track of things and fall behind on your bills – especially when money isn’t coming in.

Death in the Family

As if there wasn’t enough to deal with already, a death can leave a lot of questions unanswered. Probates (how wills are processed and distributed) can either simplify the process – or complicate it further.

Financial Distress

This is yet another grab-bag of possibilities because financial distress can come in many forms. Hospital bills, bad investments, family complications – you name it, it’s a potential problem starter.

Your options when foreclosure is in your future

Whatever your reason, here’s the good news: the sooner you get started, the sooner you’ll realize the process can actually be freeing. What do we mean by that? There’s a sense of accomplishment and relief that comes with taking charge. Once you’ve identified your options, you’ll be one step closer to being free.

So, what are your options? It all depends on your desired outcome. Some people may want to try and stay in their home. Others may find comfort in giving themselves a clean slate. Whether it’s your property, one you share, or even one passed onto you by another, it is ultimately your responsibility (and your decision!) to choose the path that leads to peace of mind. Rid yourself of the headaches and heartache and equip yourself with the knowledge to make the right choice.

Keeping Your Home

If your bank is willing to play ball (fingers crossed), sometimes they”ll be open to the idea of refinancing your current rate. Believe it or not, banks hate defaulting on loans as much as you do. Although it IS possible to negotiate with them on your own, the experts at Globalized Realty Group recommend having a professional negotiate on your behalf. Banks tend to be cold and calculating, and as such, it’s best to have someone in your corner who’s experienced in dealing with banking policy.

Not Keeping Your Home

More often than not, people are happiest with this outcome. By not keeping your home, you give yourself an opportunity to move on with a clean slate and a cleaner conscience. After all, letting go of your house means also letting go of that unpaid debt hanging over your head.

There is a science, however, to the 2nd option. You can’t simply tell your bank “so long suckers!” and move on to your next home. Firstly, you must settle your mortgage. The problem is if foreclosure is in your future, odds are that you may own more than what you can currently afford. Worst case scenario: you sell your home, pay off your mortgage, and STILL owe money to the bank.

Instead, let’s work towards the best case scenario: a cash offer from a trusted investor.

First, let’s discuss the cash offer – we can touch on the trust aspect after. The beauty of a cash offer is in its simplicity. Let’s call you Party A, the bank Party B, and the cash offer Party C. Party C makes the cash offer to Party A, and upon acceptance, Party A transfers ownership of their house to Party C. Party A is now cleared of their mortgage responsibilities, while Party C assumes all mortgage payments owed to Party B from that moment on. Party A is now able to use that cash to buy a home within their budget while still saving some money for a rainy day.

Now comes the trust part – after all, who CAN you trust nowadays? Today, there are more sharks on land than there are in the water, all of which who want to hand you a bum deal while they make off like bandits. What you need is someone who’s been in your shoes. A company like Globalized Realty Group with founders who have worked with hundreds of Long Island homeowners (including their own family and friends) in your same position. These are the kinds of people who know how you feel, and most importantly, know what it takes to get you a fair deal.

After all, peace of mind isn’t a dream – with the right cash offer from the right person, you can finally reward yourself with a clean slate, money in the bank, and limitless opportunities to do things the way you always wanted.

If you’d like to have a free, no-hassle, no-obligation discussion to go over your options, contact Globalized Realty today, we are more than happy to help you through this difficult time.

Contact us today to learn how we can help