Solve Your Money Problems without Going Deeper into Debt
Feb - 26 - 2018
If you own a New York area home and have been making payments on it for years, that’s like having a retirement savings account or other nest egg. But tapping into that value you’ve put into your home can be easier said than done. This is where a New York Real Estate Investor can make your life a lot less stressful.
When Your Cash is Tied-Up in Your New York Property:
You may struggle to make your mortgage payments or pay other pressing bills. You could have unexpected expenses due to job loss, illness, or the death of a spouse. Whatever the hardship is, you may need to sell your home quickly in order to raise cash. But selling the normal way can take months, and you’ll also have to pay a big commission to the real estate broker. You may think that the only way to fix that is to borrow more money, and go deeper into debt.
Beware Home Equity Loan Traps.
That’s when many homeowners take out home equity loans. But those can be a debt trap, especially when home loan rates are rising as they are now. During the 2008 recession home equity loans left millions of people owing more than their homes were worth. Not only do you still have financial woes and unpaid debts, but if you default on a home equity loan the lender can foreclose. That’s why it can be so risky to borrow money and pledge your home as collateral when you’re already having financial problems.
Don’t Get Behind on Your Mortgage:
If you apply money to pay off urgent bills, instead of using it to make your house payment or home equity loan payment, it can wreck your credit score. If you miss a payment the lender adds on late fees and penalties. To catch up on your payments, you then have to make all the overdue mortgage payments plus the cost of the additional penalties. Until you do, the loan is considered delinquent. Within 90 days or so you could face foreclosure.
Selling to a Reputable New York Investor:
But there is an easy and painless solution that you may have never considered. You can turn your home into cash, probably by the end of the month. Professional investors usually pay you directly, with a cashier’s check, so you don’t have to wait for them to get loan approval from a bank. That speeds up the process and cuts out the middlemen. Many sellers who work with reputable investors close the sale with cash in hand within as little as two to four weeks. Then you can use the cash to pay off bills and solve the stressful debt problem before it gets worse.
Contact Us anytime for help with selling your New York Home.
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