With the U.S. in a government shutdown, and the chances of the U.S. defaulting on outstanding debt, the reasons behind the 2008-housing crisis are clearer than ever. Over 2 million American have been forced into foreclosure since the 2008-housing crisis, and many more are slated to default on mortgage payments by the end of 2013.

Foreclosure in Brooklyn, Queens, Manhattan, Bronx, and Staten Island have been slow compared to states like Florida and California; however, the problem persists. A small amount of states have found workable, and realistic agreements with state government to provide aid to homeowners on the brink of foreclosure.

For homeowners in New York City, Premier Real Estate NYC has been able to help dozens of homeowners in financial trouble. Some of the choices Premier Real Estate NYC will offer depend largely on the homeowner’s interests, standing with the bank, and credit report. It is recommended to all borrowers to maintain a close relationship with the bank along the course of the foreclosure.

Without adequate services from the federal and state governments, homeowners will find fewer options to save them from foreclosure. While the government shutdown is in place, homeowners will feel its effect across the country. Some states have already confirmed a lack of coordination with federal services that had been providing support prior to the 2013 government shutdown. [Read more...]