What Will Happen When You Miss Your House EMI?

Foreclosure may occur. Foreclosure is a situation in which a property holder is unable to make payments on his/her mortgage and lender (it can be a bank or building society) can take hold of your property and sell it in terms of the mortgage contract.

When an individual has a mortgage with bank and does not follow the terms and conditions of the bank, the related bank takes possession of his/her home. Such situation is termed as bank foreclosure. Bank foreclosures are becoming too common in long island. On the other side, it is the best place if you are looking for bank foreclosures for sale in long island .

In other words, this is a legal means that your loaner can take control on your home and sell it. When this situation occurs the home owner must move out of his/her house. In case, your property is worth less that the amount of money you owe from your money lender, your lender can file case against you.

In the next section of this article, you will provide the brief understanding of the foreclosure process.

The foreclosure process begins when a lender (e.g. bank) decides to take a legal action over the borrower as his failure to meet the terms of the lending contract. Following are the stage that a foreclosure process includes:

• Stage one: This is the stage where the borrower fails to pay the money to the lender and the lender company informs him by making call to borrower or sending a late payment notice. If the borrower is still unable to make payment, the company can send a demand notification to the borrower in order to inform him that he is breaking the mortgage contract.
• Second stage: At this stage the auctioning of borrower’s property begins in order to collect money from the load provided to the property holder. Auctioning process takes place at the court and the highest bidder take control over the house.
• Third stage: the redemption period. Now, the new owner has a full access to the ownership rights but his ownership is technical because during this time period the actual borrower still has a last opportunity to redeem themselves on the legal actions and to pay money in order to buy the house back from new house holders.
• Fourth stage: This is the last stage. At this stage, the new owner has a total ownership on the property.

Please log on to http://licashbuyers.com/, if you are looking to fast house sale at reasonable costs in long island.

Are you looking for Bank approved short sale home in Long Island?

Home hunting can prove to be a tedious task if you are limited on funds. Bank approved short sale home in Long Island can be the perfect if you are aware about the various aspects of the short sale. If you are not then after reading this article you will get to know as to how you can save a lot of money by buying a short sale home.

The first that you need to know is what exactly is a Bank approved short sale?

A short sale home can be explained in simple words as a property that is on sale at a lesser price as the owner of the property was unable to pay the debts that he borrowed while buying the property. Under such a scenario, the lender who sold the property agrees to sell the property with approval from bank at an expectedly lesser price to recover the leftover money. To buy bank foreclosures home for sale in can be the ideal option for people who are planning to buy a home, as they can get the property at a relatively lesser price.

The process is also given the name foreclosure. Before actually going for a foreclosure, the borrower needs to prove to the lender that a he is facing a severe financial crisis. A lender generally agrees for the foreclosure of property when the borrower is many payments behind. Although the a short sale is going to damage the credit ratings of the seller, but most of the times this is the only option that is left in their hands to get the left amount of money.

Home hunting can prove to be a tedious task if you are limited on funds. Bank approved short sale home in Long Island can be the perfect if you are aware about the various aspects of the short sale.

Although looking at their name, you might assume that the process can be less time consuming. However, the reality is that a foreclosure sale can take a lot of time. The process might involve as many as 30 days just to file the application most of the times.

If you are unsure about how to go with the proceedings of a short sale, you can get in touch with professional companies who are specialized in handling such situations. There are a number of companies, which offer expert help when it comes to bank short sales. Not only can they save you from the hassle of foreclosures, but also at the same time, they can make the proceedings a lot quicker with the help of their established contacts in the field.

LI Cash Buyers is one name that you can bank upon when it comes to fast house sale or foreclosure properties in Long Island. Log on to www.licashbuyers.com to get in touch with them.