If you have been afraid of joining the millions of Americans that have fallen into the foreclosure process, it’s time to act now. The foreclosure crisis has hit hard in New York City. Some homeowners are only starting to learn about their options now. Here are a few tips on understanding the loan modification process and why it’s important to work with a professional who is experienced in dealing with one. Going through hardships are sometimes out of our hands, and to be displaced because of it is a tragedy. Premier Real Estate NYC has helped hundreds of homeowners in New York City climb out of the foreclosure process.

What Exactly is a Loan Modification?
Simply put, a loan modification is a way to make a homeowner’s mortgage more affordable. Interest rates, late fees, the length of the loan, and other processes are put into place to help with the monthly payments.

Do I Need Documentation to Submit with My Loan Modification Application?
Yes. Your lender will go into more detail with you. However, some of the documentation you should expect to have included your home valuation are the following: W2’s, bank statements, federal tax returns, and paycheck stubs. You’ll also need to prepare a hardship letter.

Having all the necessary paperwork and completing the application is key to being approved quickly. That is why many NYC residents turn to a specialist like, Premier Real Estate NYC, to help them complete the process.

What Value Can a Loan Modification Specialist Bring to the Table?
A loan modification specialist will not only help you complete your application, but see you through the end of the process. Should you not be eligible, they can help you with other options, such as a short sale.

Many issues can arise from trying a loan modification program, including the terms changing after your trial period, documents being lost, and backlogs for applications. A specialist can help negotiate your terms. This can buy you the time you need to catch up on payments and stop the foreclosure process.

Just remember, the loan modification process can be overwhelming. Therefore, having an experienced processor to go over your options can help ease your stress and worries. They are there to help you through the process and be successful in completing the loan modification program.

Most residents in New York City are aware that staying away from foreclosures in NYC is the best thing to do. There was so much media attention on foreclosures, and short sales during the 2008 housing crisis, that we all know the pitfalls of a bad housing market. However, just because you know a few options that exist, does not mean you understand how to make them work successfully. One of the most well known options is to get a loan modification.

Since loan modifications adjust your current mortgage interest rate, and the duration of your loan, to name a few factors, the purpose is aimed at lowering your loan enough so you can comfortably pay it. Here are 3 tips to avoid your home from being another statistic in the foreclosure epidemic in the New York today.

Don’t Wait – Start the Process Today
You do not need to wait until you are underwater to start the home loan modification process. Ask any homeowner that has lost their home in New York City, and they will tell you, they saw it coming, yet still hoped for the best. You don’t have to wait until you have hit default. Some programs work with just being 30 days behind.

Seek Professional Help
Don’t try to save money by doing it yourself. Hiring an experienced agency that handles loan modification processes is the best route to go. Companies like Premier Real Estate NYC, not only have years of experience helping homeowners with successful programs, but can offer other successful options to explore. One common, and highly efficient program is a short sale.

Be Honest and Transparent
You are going to be asked many questions, some of which you feel are too personal to uncover. However, for an approval, you must be transparent in what tough financial situations you are going through. So if it’s an addiction, bad investments, being fired, you must let your lender and home modification specialist know so they can help keep you out of your impending foreclosure.

The thought of foreclosure scares many. If you live in New York City, a foreclosure in NYC can be a devastating event. NYC is an expensive world to live in; so hanging on to a property you have invested in can keep you from having to look for another home and starting over. Prices in NYC are higher than most other places in the country, whether renting or buying. Here are some tips to stay out of foreclosure.

Make Sure That You Don’t Go Over Your Budget
Sometimes, when you are trying to qualify for a mortgage, mortgage brokers or companies may qualify you for a larger mortgage sum than you are comfortable holding. Do not feel obligated to look for a home in the price range you are given. Instead, go with the amount that you are comfortable spending each month and base your housing choice on this amount.

Keep up with Your Savings
When you buy a home, it can be easy to get caught up with decorating the home or performing renovations that you want in the space. You need to make sure you are sticking to a savings plan after you purchase a home. This way, if you ever have a job loss or emergency come up, you can easily afford it without risking a foreclosure NYC.

Buy in a Secure Neighborhood
Buying a home in a neighborhood that has held its value over time is the key to making sure your home value stays high. If you buy in a neighborhood that loses value, you can find yourself underwater on your mortgage, like many during the 2008 housing crisis. Companies like Premier Real Estate NYC have tackled the persistent problem of foreclosure in areas throughout NYC for years. The company has helped hundreds by offering a free consultation, which assesses your financial situation against the demands of the bank.

Following the 2008-housing crisis, the job market began to collapse and took the economy down with it. Many homeowners were faced with a nightmare scenario. No job and no way to meet expenses. On top of this disaster was the fact that many loans that had been awarded by the bank were part of a mortgage product known as a ARM. These type of mortgage enabled the borrower to begin his or her payments at an affordable rate; however this rate would adjust to a higher amount at a set time and year.

Many borrowers were forced to into foreclosure because of the mixture of these terrible circumstances. Premier Real Estate NYC continues to enable New Yorkers the opportunity to save their home from foreclosure. Without companies like Premier Real Estate NYC many people would be at a total loss. The first step in avoiding a foreclosure is to be in touch with the bank and a company like Premier Real Estate NYC. Once you find a professional to assist you, the bank will usually work with you and the third party solution.

Premiere Real Estate NYC helps borrowers avoid the foreclosure process all together. The company has already helped dozens of homeowners who are heading towards a foreclosure. Many of these people took it upon themselves to avoid the foreclosure, and looked for alternatives to foreclosure. One of the most important thing any homeowner can do once a payment is missed is seek professional help.

Without Premier Real Estate NYC many people would have lost their home. Once the bank takes the home the borrowers credit rating is severely tarnished. It is nearly impossible for the borrower to obtain another mortgage in the future after a foreclosure takes place. The law states that should you acquire the money to satisfy all outstanding payments at any point during this process, the bank is required to accept it and reinstate your mortgage.

After you contact an expert he or she will offer you several options to avoid foreclosure. One popular way out of a foreclosure is by offering the bank a short-sale. This will allow the borrower an opportunity to satisfy the bank loan while collecting additional income to relocate and start life afresh.

Without a short-sale, a borrower may be inclined to go through the court system. Once the bank presses its legal team against the borrower in a court, the borrower will have a difficult time against the bank’s legal counsel.

With a company like Premier Real Estate NYC, a borrower will not only have a team of seasoned real estate professionals on their side, but will also be able to tap into a wealth of knowledge, and experience, from Premier Real Estate NYC’s legal division. The amount of foreclosures is overwhelming for many lending institutions in New York.

Some banks offer incentives for borrowers. It is critical that the borrower take advantage of any programs offered by the bank. One of the prime responsibilities for a company like Premier Real Estate NYC is to leave no stone unturned in the search for new programs for borrowers in hardship.

Saving you money, and most of all, saving you from the agonizing process of foreclosure, is the concept of short-sale. If you, or a loved one, are falling into hardship, and without legal support, you should contact Premier Real Estate NYC today.

This is one of a handful of companies operating in parts of New York City today that have made it their duty to go the extra step in assisting homeowners in need. Many homeowners are unaware of the abundance of aid and assist programs for borrowers who are defaulting on mortgage and credit card payments. Without experienced, and steady guidance, many borrowers will not be able to meet bank demands, and will likely lose their property.

Real Estate companies like Premier Real Estate NYC, help homeowners in parts of New York City like Bed-Stuy, Brooklyn and Bushwick, Brooklyn. Since Hurricane Sandy, Premier Real Estate NYC has helped many people in Staten Island, Long Island Westchester County, Queens, Brooklyn, Manhattan, and the Bronx. There are still thousands of people who are either heading towards a foreclosure, or are already locked in a bitter dispute with their lending institution.

Don’t wait until the bank contacts you. Be proactive and avoid foreclosure.

One of the key factors to the attractiveness of a Short Sale is the assumption that actually selling your home, even if it’s for less than what you borrowed, won’t cause as much damage on your Credit Score as a Foreclosure.  Because this is such a central issue the questions begs to be asked whether or not this is true?

Not to disappoint you but, according to many experts, claims that Short Sales cause only a minor drop in your Credit Rating are simply false. In fact, in certain cases, particularly when your mortgage payments are more than 90 days late, a Short Sale can cause your FICO score to drop by as much as 150 points.  This is very similar to the hit it would suffer upon a Foreclosure.

On the other hand, if you’re only 30 days late on your payments, the dip in your score will likely be between 40-100 points. Problem is, due to the often lengthy process of a Short Sale application and approval, default periods in the range of 90 days are more common.

But there is some more flexibility with a Short Sale that you simply don’t get if you choose to foreclose. For example, Fannie Mae regulations are more lenient in a case of Short Sale. The rules state that you can apply for a mortgage 24 months after a Short Sale as opposed to a seven years wait following a Foreclosure. Assuming you find a lender who is willing to finance your purchase at a reasonable interest rate, this means you can start to reinvest in your home within a relatively short period of time.

Several additional factors may also run in your favor.

For example, your credit score will not drop as severely if you enjoyed good credit before your Short Sale. Finally, there is the rare case when a lender may waive the deficiency of the balance to be paid on your loan. In this scenario, your credit report will read default satisfied making it even easier to find willing lenders in the near future.

If you live in New York City and are thinking about applying for a Short Sale of your home, consider the following: Do you meet the necessary criteria for a Short Sale and are you in the position to negotiate the best possible closing deal with your bank?

The following are some fundamental conditions for your Short Sale to be approved:

Ideally, your mortgage payments should be up to date and your credit should be good. While this is not a hard and fast rule and you may still be approved if this is not the case, having a credit score over 700 will greatly increase the chances of your Short Sale approval.

You will be required to demonstrate that you are in financial hardship. Since you’re requesting that the bank agree to accept a loss on the amount it originally lent, you’ll be required to prove that your present circumstances have rendered it impossible for you to make your mortgage payments as agreed.

Hardship and loss of income can result from a number of factors including unemployment or a reduction in work hours, illness and/or divorce. The details will have to be explained in a signed hardship letter to be included in your Short Sale application package.

Choose the right person to negotiate on your behalf. Usually this will be a Realtor or another trained professional who specializes in Short Sales. The negotiation process for a Short Sale in New York City can be lengthy and convoluted and may not wind up in your favor if not handled correctly.

If you are not approved for a Short Sale or have been rejected for in the past, other options are available to you such as Loan Modification. We here at PREMIER REAL ESTATE NEW YORK CITY will be happy to walk you through all your options and help you decide what’s best in your situation.

Despite the disastrous outcome of the 2008 housing-crisis across the country, New York City has seen rents skyrocketed since 2001, making life difficult for millions of New Yorkers, even before the crisis. The average cost of an apartment has jumped 44%, all the while prices for homes and apartments are also up 47%. Premier Real Estate NYC obtained this information through the New York City council.

Even as the United States began its recovery, prices continued to increase in places like Brooklyn, Bronx, Queens, Staten Island, and Manhattan. Watching the recent government shut down in 2013, and seeing a withdrawal from aid programs and government handouts, shows the delicate situation for millions of homeowners and renters. If there is no one to provide help and assistance, what will happen to people in struggle?

If millions of homeowners and renters were forced out of their homes, due to missed rent or mortgage payments, who will be there to provide advice and aid? Premier Real Estate NYC is one of a few real estate companies in New York City, which has offered its immediate services free of charge.

Premier Real Estate NYC provides a free consultation to homeowners, and renters, in New York City. The company has helped dozens of individuals who have found themselves without help, and nearing financial ruin. To find out what programs are available for you and your family you are encouraged to contact the legal team at Premier Real Estate NYC.