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Foreclosures HERE? On The Beautiful North Fork of Long Island? Yep…

May 2nd, 2007 category: Real Estate News, Riverhead Real Estate, Sellers, Southold Real Estate

The North Fork of Long Island, New York, is a pristine area of vineyards, farms, hard working individuals, amazing produce…and more recently, increasing homes in pre-foreclosure status. While surprising to some, it is simply a function of better times going bad- we are no more exempt from life than anyone else.

First, let me suggest to readers that the rapid decline of markets here and elsewhere has thrown some sellers for a loop- the speed at which pricing went from astronomically high to more a more attainable level was a surprising event. While most residents of this picture perfect summer get-away are safe from harm, many individuals, for any number of legitimate reasons, find themselves unable to sell property for an amount that would permit them to escape this temporary national trend.

If you find yourself in a situation that requires immediate action, there are a number of sites from which you can obtain information. Begin with legal advice. From the privacy of your home, you can understand the process of foreclosure at www.FreeAdvice.com. While this will not replace speaking with your own attorney, you will be able to better understand what your attorney is advising with a preview of terms. Your loan amount is in direct correlation to your present situation and inability to meet the mortgage obligation. The very next call should go to your lender. Many lenders will work with you to avoid a costly foreclosure action- it is critical that you alert your attorney and your lender the minute you foresee that making that next payment isn’t going to happen.

If your home is a summer retreat, there are many people looking to the North Fork- Riverhead, Jamesport, Baiting Hollow, Mattituck, Laurel, Cutchogue, New Suffolk, Southold, Greenport, East Marion, Orient, Aquebogue- for the same reasons that you chose to either vacation or reside here full time. When looking at your situation, decide if your situation looks temporary, or if selling the property makes more financial sense for you. The sooner you contact all parties involved, the sooner you can act.

Don’t freeze. While this situation may be personally catastrophic, there are many resources available to assist you in this confusing time- take advantage.

Every situation is different, but the ramification of losing your home is the same from a credit standpoint. Remember- “this too, shall pass”, and if you surround yourself with individuals and companies that want to see you get through this and understand the difficulties that you have encountered, it will make the process much more tolerable. Contact us at Options Realty- we’ll do everything that we can to help you.