What if I'm behind on my mortgage or facing foreclosure?
Written and reviewed by Andrew Ragusa, Licensed Real Estate Broker and Broker of Record, REMI Realty LLC — 11+ years of transactions across Long Island, Brooklyn and Queens.
The short answer
If you’re behind on your mortgage or facing foreclosure, there is probably still a good chance the situation can be recovered, but the sooner you reach out, the better. The first step is to determine the property’s current value, how much is owed, whether there are other liens, and exactly where the foreclosure stands.
If the property is worth more than the total debt, a traditional sale may allow the mortgage and other liens to be paid at closing. If the debt is higher than the property’s value, a short sale or another option may need to be evaluated with the lender and attorney. Every situation is different, and no result is guaranteed.
Time matters. The longer you wait, the fewer options may remain and the harder it can become to recover the situation. Read my full guide to foreclosure, property auctions, and short sales on Long Island.