Long Island Foreclosure FAQs
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Q - What is foreclosure?
Foreclosure refers to the legal practice of satisfying an unpaid mortgage debt by seizing a house and selling it.
Q - When does the foreclosure process start?
Usually it begins once a homeowner is given an NOD. However, it largely depends on what sort of loan the homeowner had with the house in question, and in which state the house is located in. Each state will have its own and unique procedures.
Q - What is a NOD?
"Notice Of Default". It is a legal notice sent from the court to a homeowner who is late on mortgage payments.
Q - Who can start the foreclosure process?
Normally the mortgage lender begins the process, but the state in which the mortgage is held can also begin the process if there are unpaid taxes.
Q - How do I find a real estate agent with foreclosure expertise?
LongIslandForeclosure.com is affiliated with Foreclosure.com, the nation's leading expert on distressed properties. Foreclosure.com consists of a dynamic team of savvy real estate visionaries who provide LongIslandForeclosure.com with comprehensive listings and analysis of current -and future- marketplace trends. This should make you feel confident when browsing through the listings of distressed properties displayed on this website. You can also browse through Foreclosure.com's list of "Certified Foreclosure Agents" to ensure that you are dealing with an agent who is well versed in foreclosure agreements.
Q - Is buying foreclosed homes or properties a good investment?
If you buy a foreclosed property, you are paying a property price that can be anywhere from 10%-50% below the market value. This means that on paper, your foreclosed property will have gained equity right off the bat. However, with foreclosed property you must always take into consideration other variables that may cost you additional money. Other variables could include repairs, renovations, or even an occupant who refuses to leave
Q - Are there other ways to buy homes at below-market savings?
Yes. LongIslandForeclosure.com will also show you preforeclosure listings.
Q - How do I find the market value of a home?
Several online services are available to help you assess the market value of a home. HouseValues.com is one of them. Your Certified Foreclosure Agent can also assist you in this matter.
Q - What about any outstanding liens against the property?
You are welcome and encouraged to contact the local county or state assessors to research any outstanding liens against the property.
Q - How can I find information on the property tax liability?
Property tax rates change from year to year, but your Certified Foreclosure Agent or Real Estate Agent can help you approximate these values.
Q - What other tax issues should I take into consideration?
It is good to know that your foreclosure mortgage interest and real estate taxes are deductible.
Q - How do I make an offer on a foreclosed property?
On LongIslandForeclosure.com, all you have to do is point, click and save. It's literally that easy with our "make an offer" buttons. Thereafter you may encounter the following during the process of making an offer:
Q - What should I look for when deciding on a community?
You want to live in a neighborhood that allows you to feel safe, secure and comfortable in. Other factors should also be weighed in and prioritized such as commuting time/distance, school district, access to public transportation and shopping, whether you prefer living in a city, suburb or rural area, access to public amenities like museums, parks and libraries, whether the neighborhood is child-friendly, etc. Try driving through the neighborhood you are interested in to see how you feel. Take a drive during the day and at nighttime to make sure it feels good at both times of day.
Q - Is an older foreclosed home a better value than a new one?
Newer homes and older homes each have their pros and cons. Older homes may be in more established neighborhoods and usually have lower property taxes. However, older homes may also require maintaining their home and making some repairs. Newer homes are usually easier to maintain, and may be more energy-efficient and move-in ready, but their neighborhoods may be in transitional phases.
Foreclosure refers to the legal practice of satisfying an unpaid mortgage debt by seizing a house and selling it.
Q - When does the foreclosure process start?
Usually it begins once a homeowner is given an NOD. However, it largely depends on what sort of loan the homeowner had with the house in question, and in which state the house is located in. Each state will have its own and unique procedures.
Q - What is a NOD?
"Notice Of Default". It is a legal notice sent from the court to a homeowner who is late on mortgage payments.
Q - Who can start the foreclosure process?
Normally the mortgage lender begins the process, but the state in which the mortgage is held can also begin the process if there are unpaid taxes.
Q - How do I find a real estate agent with foreclosure expertise?
LongIslandForeclosure.com is affiliated with Foreclosure.com, the nation's leading expert on distressed properties. Foreclosure.com consists of a dynamic team of savvy real estate visionaries who provide LongIslandForeclosure.com with comprehensive listings and analysis of current -and future- marketplace trends. This should make you feel confident when browsing through the listings of distressed properties displayed on this website. You can also browse through Foreclosure.com's list of "Certified Foreclosure Agents" to ensure that you are dealing with an agent who is well versed in foreclosure agreements.
Q - Is buying foreclosed homes or properties a good investment?
If you buy a foreclosed property, you are paying a property price that can be anywhere from 10%-50% below the market value. This means that on paper, your foreclosed property will have gained equity right off the bat. However, with foreclosed property you must always take into consideration other variables that may cost you additional money. Other variables could include repairs, renovations, or even an occupant who refuses to leave
Q - Are there other ways to buy homes at below-market savings?
Yes. LongIslandForeclosure.com will also show you preforeclosure listings.
Q - How do I find the market value of a home?
Several online services are available to help you assess the market value of a home. HouseValues.com is one of them. Your Certified Foreclosure Agent can also assist you in this matter.
Q - What about any outstanding liens against the property?
You are welcome and encouraged to contact the local county or state assessors to research any outstanding liens against the property.
Q - How can I find information on the property tax liability?
Property tax rates change from year to year, but your Certified Foreclosure Agent or Real Estate Agent can help you approximate these values.
Q - What other tax issues should I take into consideration?
It is good to know that your foreclosure mortgage interest and real estate taxes are deductible.
Q - How do I make an offer on a foreclosed property?
On LongIslandForeclosure.com, all you have to do is point, click and save. It's literally that easy with our "make an offer" buttons. Thereafter you may encounter the following during the process of making an offer:
- Obtain a complete legal description of the property
- Amount of earnest money
- Down payment and financing details
- Your proposed move-in date
- Price you are offering
- Proposed closing date
- Length of time your offer is valid
- Specific details of the deal
Q - What should I look for when deciding on a community?
You want to live in a neighborhood that allows you to feel safe, secure and comfortable in. Other factors should also be weighed in and prioritized such as commuting time/distance, school district, access to public transportation and shopping, whether you prefer living in a city, suburb or rural area, access to public amenities like museums, parks and libraries, whether the neighborhood is child-friendly, etc. Try driving through the neighborhood you are interested in to see how you feel. Take a drive during the day and at nighttime to make sure it feels good at both times of day.
Q - Is an older foreclosed home a better value than a new one?
Newer homes and older homes each have their pros and cons. Older homes may be in more established neighborhoods and usually have lower property taxes. However, older homes may also require maintaining their home and making some repairs. Newer homes are usually easier to maintain, and may be more energy-efficient and move-in ready, but their neighborhoods may be in transitional phases.