There are many struggling homeowners on Long Island and the fear that they are going to lose their home is strong. If nothing is done about a home in default, the mortgage company will take the home back and force the homeowner to move out. This is something that will affect you financially for many years to come and can even affect your ability to get a job or even a rental property. Fortunately there are some options for you. Long Island short sales are available to homeowners and can bring many benefits. Here are some of the benefits that Long Island short sales can bring.
You Will Have Time to Properly Move
One of the main benefits of short sales is that you will have more time to organize and move out, and the benefit of having time to find a new home. If you allow the bank to simply take your home, they will kick you out of your own home very quickly, with very little warning. With a short sale, in many cases, you will have, in general, 6 to 9 months.
You May Get More Money
Another benefit of doing a short sale is that you may be eligible for some type of financial compensation from your mortgage company. Known as a relocation allowance, or sometimes as a short sale seller initiative, this is money that is paid to the seller for choosing a short sale over other options. It can range anywhere between a couple hundred dollars to several thousand depending on the mortgage company and the type of mortgage you have.
Your Debt Will Be Forgiven
You will also find, when you do a short sale that your mortgage debt will be forgiven. If you have to foreclose, for instance, and you still owe money, you could certainly lose your home and still end up owing debt to the bank. So even if you no longer have a home, you could still be paying on the home. With a short sale, however, you won’t need to worry about that as any debt that you may owe will be forgiven.
Though a short sale is not the right option for everyone, it can be a valid option for many homeowners.