The word Foreclosure can be very intimidating. The thought of losing what might be your largest investment is never easy to take in. What most homeowners may not know, the foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home. This may be a sufficient amount of time for some the homeowners to bring their mortgage back to good standing. For others, the reason behind the foreclosure may not be as easy to overcome. This is where Home Burdens can be of assistance, allowing the home owner to sell the home for the remaining balance plus an additional amount of funds to assist the seller with a down payment towards another home in the future. This helps the seller avoid the challenge of a rough credit history and losing their home to the bank. Essentially, Home Burdens can help give you the second chance that you deserve.
Short sales tend to be an alternative option to a foreclosure. Although it seems like an easier route, it does have its hurdles. Home Burdens can eliminate having to go through the lengthy process of applying for a short sale or having to depend on the finances of the potential buyer to come through after the long tedious process.
There are times when the battle of cost vs convenience might force its way into your life. After all things considered and the option of selling right away is mandatory, having the option of a potential sale offers a piece of mind for your fresh new start.
Unwanted Inherited Property/Probate
Not all inheritance can be rewarding, especially when it’s more of a liability instead of an asset. Not to mention dealing with the probate attorney. For some it may not be a burden but for others, such challenges might be too much of a handful. Managing your home and a former loved ones home that needs work can be burdensome. Home Burden welcome homes that need work and a lot of it.
Multi-family properties are a great way to produce a monthly cash flow. Tenants however experience problems just like everyone else and can cause an interruption in that positive cash flow therefore making the owner liable for the expenses. If the option is to sell then consider Home Burdens as a potential buyer and save on real estate commission fees and costly repair expenses.
Other burdens include Divorce, Tax Liens, and Disabilities