Alternatives to Foreclosure in New York City

Alternatives to Foreclosure in New York City

If you or someone you love has fallen behind on your mortgage payments and foreclosure seems like foregone conclusion, you are not alone and options you may have options you haven’t considered.
For example:

1. Renting your home. This may not cover all your costs, such as maintenance and housing, but the income you earn may help you get back on your feet and catch up with your payments while you downsize. The best part is you get to keep your home.

2. Loan Modification. Instead of foreclosure why not modify? This involves renegotiating the terms of your loan by extending the period in which you have to pay it back or by splitting up the delinquent payment over future months. Loan modification will only be approved if you submit documents to the bank indicating your ability to honor payments. [Read more...]

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Things You Should Know Before You Walk Away

Real Estate Foreclosures in New York City: Things You Should Know Before You Walk Away

You’re several weeks or months behind on your mortgage payments and the letters and notices are starting to pile up. Thoughts of losing your home and damaging your credit are causing you and your family enormous stress and you just wish the darn thing would be over already.

But before you pack up and walk away, there are some important things that you should know about foreclosures in New York City, information that could cause you to think twice. [Read more...]

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Facts about Real Estate Foreclosures in New York City

In the last ten months New York City has seen a tremendous spike in foreclosure lawsuits and auctions. While foreclosure rates dropped in the rest of the country, New York City’s has risen by 25 percent since last year according to the national foreclosures listings company RealtyTrac.

Nassau County in Long Island has been particularly hard hit. People who rushed to buy homes while prices were high are now struggling to pay their mortgages and their taxes. It ‘s estimated that property taxes in the Long Island area average about $9,000 a year.

The resources of the courts are being pulled very thin by this wave of foreclosures, as real estate foreclosure lawsuits now account for a third of all civil cases being filed in New York City. There have been instances of looting abandoned homes reported in Nassau County.

Those who have worked hard to avoid foreclosure in New York City have also recently received some unwelcome news. The Mortgage Forgiveness Debt Relief Act, passed in 2007, is set to expire at the end of the year. [Read more...]

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