How can a foreclosure be a good thing?

January 22, 2014 by

How can a foreclosure be a good thing?

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. [Read more...]

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Short Sale in New York City: The Truth about Short Sales and Your Credit Score

January 22, 2014 by

Short Sale in New York City: The Truth about Short Sales and Your Credit Score

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. [Read more...]

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Short Sale New York City: Will Your Short Sale be Approved?

January 20, 2014 by

Short Sale New York City: Will Your Short Sale be Approved?

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. [Read more...]

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