The volatility in today’s housing market has caused grief for many homeowners. Many borrowers had great expectations. After the 2008-housing crisis many areas in New York City, including Brooklyn, Queens, and parts of Staten Island and the Bronx were swept up in a nationwide default. Not only did homeowners in Brooklyn suffer, there was little help available to them immediately after the housing crisis.

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. [Read more...]