NYC Premier Real Estate — Getting NY Homeowners Out Of Foreclosure and Out of Distress

Understanding the Foreclosure Process in New York City

If you, or someone you know, has recently been served with a summons for foreclosure, you should contact a financial expert, or real estate professional immediately.

What does it mean that your bank is coming after your home to redeem its collateral? Since you have been unable to make your monthly payments the bank is losing money. As a result they are going to take legal action in order to obtain your home in the hopes of either turning a profit, or at the least, cut their losses.

Foreclosure litigation differs from most other types of litigation. A foreclosure is made up of seven unique steps. This process can last between 18 and 24 months to finish; however if you ignore the summons, and disregard the bank’s notices, than you could be losing time and valuable options that are time sensitive.

If you are a number of months behind on your mortgage and you have already made the attempt to modify your loan, you may find yourself limited to only a few remaining options. Premier Real Estate NYC is here to encourage you to investigate your options. You are entitled to a free consultation with one of our real estate experts. You will find answers to all of your real estate and legal questions here. [Read more...]

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How can I stop foreclosure in New York

In New York City: Manhattan, Brooklyn, the Bronx, Queens, Staten Island, and surrounding areas like Long Island, Westchester, and Albany, homeowners have a variety of options to prevent a foreclosure.

With numerous ways to end, or slow a foreclosure, it is best to get professional advice and find answers to all of your questions. Premier Real Estate NYC is a full service real estate company, which specializes in foreclosure consulting. It has provided dozens of people a way out of their foreclosure. Its legal department provides valuable information that can save you from your lending institution.

Several means to avoid foreclosure are actually provided by state, and or federal law. One example here is Chapter 13 bankruptcy — Chapter 13 bankruptcy is a way to keep your home. The Chapter 13 plan, will allow you to pay back, retroactively, all of your past mortgage payments. It is strongly advised not to file for Chapter 13 bankruptcy if possible. One alternative method, which is offered by Premier Real Estate NYC, is to find a buyer, or investor who will offer you cash for your home.

In this scenario, a homeowner will be set free from his or her mortgage and will be allocated a certain amount of money from an investor. In some instances, the investor may offer to relocate the homeowner and his or her family. [Read more...]

Filed Under: Uncategorized Tagged With: foreclosure nyc, foreclosure nyc 2008 housing crisis, free foreclosure consultation, Homeowners in New York state should be aware, How can I stop foreclosure in New York, oreclosure, real estate nyc, short sale nyc, Short sales NYC

Prior to the 2008 housing crisis…

In a foreclosure, the lending institution will require the homeowner to appear at a mandatory conference, which includes the bank’s legal team, and other advisors.

The meeting provides the homeowner a chance to meet the lender face to face. This is one of the last ditch efforts by the bank to save the homeowner from a foreclosure. The bank will make gestures, and provide real solutions, and attempts to resolve the crisis.

If the settlement process fails to produce a favorable result for both the lender and the homeowner, then the lender will move ahead through the court system. Prior to the 2008 housing crisis, banks were usually granted a judgment against the homeowner.

Following the whirlwind of foreclosures over the past few years, some states have increased the pressure on lending institutions, and in some cases, homeowners have defeated the motion by the lending institution. Usually the lender wins in the courts.

A Judgment of Foreclosure and Sale is issued after the judgment. This gives the lender the right to sell the property at an auction. Once this is issued a Notice of Sale is then published, followed by an auction sale. [Read more...]