Steps to Avoid Foreclosure in the LBI Real Estate Home Sale Market
Long Beach Island Real Estate
The LBI real estate market is at an all-time high, and market conditions favor sellers and homeowners more than buyers. While this is an excellent time to own a home on Long Beach Island, things can and do happen that impact one’s ability to afford a home. If something goes wrong and financial trouble hits when you fall behind on your mortgage payments, it can be a stressful and overwhelming experience. Given that Long Beach Island is primarily a second home market, disposing of a home on LBI may make more sense than selling a primary home. The good news is that since the LBI real estate market is very stable with few, if any, distressed sales, there are some effective strategies for avoiding foreclosure in the Long Beach Island real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
How to Avoid LBI Real Estate Foreclosure
Below are some of the most common ways to avoid foreclosure, short sale, or other distressed sales in the Long Beach Island real estate market.
- Contact Your Lender
The first step to avoid foreclosure in the LBI real estate market is to contact your lender as soon as possible. Explain your situation and see if there are any options for modifying your loan or creating a repayment plan. Many lenders are open to working with a homeowner as there is an enormous cost to the lending institution to foreclose on a property, even one as valuable as a home on Long Beach Island. - Seek Professional Help
Many professionals, including a foreclosure attorney or a housing counselor, can help you navigate the foreclosure process. They can help you understand your options and negotiate with your lender on your behalf, but there may be a cost, something that may prove challenging if you are facing financial hardship. - Look into Refinancing Your LBI Home
Refinancing your mortgage can be a good option if you need help to make your mortgage payments, but with rates higher than they have been, this is unlikely to be a viable option. Most buyers and homeowners are finding interest rates higher than their current loan, but depending on the time you lock in your mortgage or the mortgage terms, there may be an advantage to a refinance. - Sell Your Home in the LBI Real Estate Market
If you are unable to keep up with your mortgage payments, selling your home may be the best option. This can help you avoid foreclosure and protect your credit score. The LBI real estate market is in short supply of homes, and values have increased by leaps and bounds over the last few years. Even in the last year or so, prices are up about 8%, so there is a good chance your home is worth more than you paid for it.
Steps to Avoid Foreclosure in the LBI Real Estate Home Sale Market
Falling behind on your mortgage payments can be a stressful and overwhelming experience. However, there are steps you can take to avoid foreclosure in the LBI real estate home sale market. It’s important to act quickly and seek professional help to explore all of your options and find the best solution for your situation. There are options available and anyone facing financial trouble in the LBI real estate market should take advantage of them. For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market