If you’re in foreclosure in New York or New Jersey, and you’re debating whether to sell your house or fight to keep it, this decision isn’t just emotional, it’s financial. And waiting too long could quietly cost you tens of thousands of dollars in equity.
The Real Cost of Waiting to Sell a House in Foreclosure
Let’s say your home in Staten Island, Queens, or Essex County is worth $675,000 and you owe $495,000 on the mortgage. On paper, that looks like $180,000 in equity, not bad, right?
But now subtract:
- $15,000 in missed mortgage payments
- $13,000 in legal fees
- $9,000 in penalties
- $18,000 in closing costs and transfer taxes
What’s left? Maybe $25,000–$50,000 if you sell right now.
Wait a few more months? You could be left with nothing.
This isn’t about fear at all, it’s about facts. I’ve worked with families in Brooklyn, Union County, Middlesex, and Richmond County who thought they had time… until the auction date showed up and the money was gone.
When Fighting Foreclosure in NY or NJ Actually Makes Sense?
Keeping the home isn’t always a bad idea, but it has to be backed by numbers, not just emotions.
If your situation looks like this:
- You have stable income again
- Your hardship was temporary
- There’s no foreclosure sale date yet
- You’ve received a reinstatement amount in writing
- The bank is actively reviewing a loan modification or forbearance
…then yes, fighting to keep your house in foreclosure may be the right move. But let the math decide — not fear, pride, or guilt.
Why Banks in New York and New Jersey Move Fast on Homes With Equity.
Here’s what most homeowners don’t realize:
Lenders in New York and New Jersey are running the numbers on your house, too. If your property has a lot of equity, the bank may fast-track foreclosure. Why? Because they know they’ll get their money back quickly at auction.
If there’s not much equity, they may stall — waiting for you to sell the property yourself.
It’s not personal. It’s business.
Meanwhile, fees pile up:
- Attorneys are assigned
- Court costs stack
- Sale dates are set
And every step eats into your equity, not theirs.
Should You Walk Away From Your House or Sell It?
Here’s a question I ask every homeowner in foreclosure in New York and New Jersey:
“If I handed you a $15,000 check right now, would you use it to keep the house… or walk away?”
If the honest answer is, “I’d take the money,” you’ve already made your decision. You just haven’t acted on it yet.
Foreclosure doesn’t start with court papers. It starts with emotional burnout — when you stop fighting weeks before the bank even makes a move.
Ask These 3 Questions Before Deciding.
If you’re behind on mortgage payments in NY or NJ, ask your lender these three questions today:
- What’s my reinstatement amount — in full — as of today?
- Is there a foreclosure sale date already scheduled?
- Is my file under active review for a loan modification, forbearance, or short sale?
Don’t settle for “we’re reviewing it.” Get it in writing.
Selling a House in Foreclosure in NY or NJ Isn’t Giving Up. It’s Taking Control
Selling before foreclosure hits your credit isn’t failure, it’s actual strategy.
You get to:
Control the sale
Choose your buyer
Set your timeline
Walk away with real cash in hand
I’ve helped homeowners in Brooklyn, Staten Island, Elizabeth, Jersey City, and beyond walk away with $20K, $50K — even six figures — because they made the decision before the bank did.
If you’re considering selling a house in foreclosure in New York or New Jersey, don’t wait.
📲 Contact me for a no-pressure consultation, or download my free Hardship Letter that helps you get approved for a short sale, loan modification, or other workout options.
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