Is it possible to bounce back from a foreclosure?

March 5, 2014 by

Is it possible to bounce back from a foreclosure?

 

Going through a foreclosure in NYC is a stressful point for everyone in the home. You can always try loan modification programs through reputable foreclosure specialists. However, if there are no common terms reached with the lender, you may be forced into a foreclosure. After it’s said and done, you must pick yourself back up and bounce back from a foreclosure.

 

Start Budgeting And Saving

You already had problems meeting your monthly obligations. So, work on setting yourself a budget. If this doesn’t work, there are free credit counseling programs that can assist you. They can also assist you with working something out with your creditors to give you room to breathe on making affordable payments. [Read more...]

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Life after Foreclosure

March 4, 2014 by

Life after Foreclosure

 

If you have gone through a foreclosures process in NYC, like the thousands of other Americans since the 2008 housing crisis, it seems that you may be lost as to what your next step should be. You must look at new housing options for your family, a possible relocation means new schools, even a new job, and worst of all, getting your finances back on track. There seems to be no silver lining at all. But there is life after foreclosure in NYC, and here is where to begin.

 

Finding a New Residence

This is your first issue. It’s going to be difficult getting a new home at first because landlords do look at your credit score and your report. A NYC foreclosure can look bad and make you lose incredible points. Going into a foreclosure shows the landlord that you had problems managing your money and makes them feel insecure with giving you a chance at paying your rent on time with them. [Read more...]

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Signs that You are Headed Towards Foreclosure

February 10, 2014 by

Foreclosure rarely ever happens overnight. There are extenuated circumstances that can lead to foreclosure, such as illness or a sudden job loss. Typically, before you go through a foreclosure, you will have issues prior to the foreclosure notice. Here are some of the signs to look for that you may be heading into foreclosure.

Problems Budgeting for the Necessities
Not having the budget for luxuries is a problem that many of us go through. However, if you often have issues, budgeting for the necessities in life, there is a good chance that you may not be able to pay your home payments in the future. When you are buying a home, go over the non-negotiable expenses in your budget, such as loan payments, utilities, and maintenance upkeeps, so that your budget is not overstretched by your home. [Read more...]

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