If you were denied a modification on your loan…

September 10, 2013 by

Banks have foreclosed upon millions of houses since the housing crisis in 2008. Many of these individuals were victims of predatory lending at best, or bank negligence at worst.

States like Texas, New York City, and Florida, were hurt by the weak economy and, housing crisis, so the government decided to step in. The government since 2008 has accomplished a lot, but despite efforts, over 2 million homes remain in foreclosure.

In between the banks and government agencies are private companies and non-government groups seeking to help homeowners in foreclosure. One such company is Premier Real Estate NYC. Offering free consultations to those in New York City, Premier Real Estate NYC has helped many homeowners, and their families, climb out of foreclosure.

One angle offered to homeowners in New York is a loan modification. If you have not yet contacted your lending institution in regards to a loan you may want to consider this option. If you were denied a modification on your loan from your bank, you should contact Premier Real Estate NYC today to find out what other options are available to you. [Read more...]

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The 2008 housing crisis is a dynamic catastrophe

September 10, 2013 by

Over 2 million people are struggling in the United States with homes that they can not afford. The foreclosure epidemic has been negatively impacted by the bank’s inability, or disinterest, to reverse the faulty sub-prime loans handed out across the country.

The government has made numerous attempts to throw a so called “life saver” to thousand of foreclosure victims. One proposed agreement tried to offer certain states, billion of dollars to cover portions of default and bank expenses.

The slow, and largely inadequate solutions, of the government, and lending institutions, have led millions to look at new solutions to in order to avoid foreclosure.

Several options include, striking a deal with your bank for a loan modification, filing for bankruptcy, or looking at selling your home in a short-sale to a third party buyer. One company that has helped dozens of worried homeowners is Premier Real Estate NYC. This company is one out of many across the United States that has helped hundreds of worried homeowner find a remedy to their concerns. [Read more...]

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Lending institutions were overwhelmed after the housing crisis hit in 2008

September 9, 2013 by

In a foreclosure, the lending institution will require that the homeowner appear at a mandatory conference, which includes the banks legal team, and other advisors.

The meeting provides the homeowner a chance to meet the lender face to face. This is one of the last ditch efforts by the bank to save the homeowner from a foreclosure. The bank will make gestures, and provide real solutions, and attempts to resolve the crisis.

If the settlement process fails to produce a favorable result for both the lender and the homeowner, then the lender will move ahead through the court system. Prior to the 2008 housing crisis, banks were usually granted a judgment against the homeowner.

Following the whirlwind of foreclosures over the past few years, some states have increased the pressure on lending institutions, and in some cases, homeowners have defeated the motion by the lending institution. Usually the lender wins in the courts.

A Judgment of Foreclosure and Sale is issued after the judgment. This gives the lender the right to sell the property at auction. Once this is issued a Notice of Sale is then published, followed by an auction sale. [Read more...]

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