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

4 Reasons Walking Away Before a Foreclosure Is Not a Good Option

What should you do if you find yourself with an underwater mortgage? That’s how many homeowners found themselves during the 2008 housing crisis. Many homeowners unfortunately did not know what to do or who to turn to for help. They lost their jobs, had high medical expenses, or denied help with their mortgage, such as a loan modification.

Some waited for a foreclosures NYC while others may have chosen to walk away from their homes before a foreclosure. Without the financial obligation, they could start over, right? No, it’s never a good option to walk away and here are four reasons why.

Your Credit Score
Your credit score will be gravely affected by foreclosures in NYC. There are options to take, such as talking to a short sale or a loan modification specialist. There are programs available offering homeowner’s assistance. Walking away will decrease your score and leave you with no justifiable answer if you are ever asked to explain.

It May Take a While to Be Eligible For Home Ownership
Many people are eligible to purchase another home in a few years after a foreclosure in NYC. But, you would be ineligible for a Fannie Mae mortgage until seven years later.

You Could Be Eligible For a Deficiency Judgment
A deficiency judgment is the difference of money earned from the sale of your foreclosed home and the amount of money owed on your foreclosed home. However, abandoning your home and the court process could add on court costs, attorney fees, and additional penalties.

You Could Have a Phantom Title on Your Hands
Some homeowners that have walked away before a foreclosure found out that the bank did not proceed with the foreclosure. The home was not auctioned and that means the owner is still responsible for the home.

They now have a phantom title, because the bank has no way to contact them. These homeowners are now responsible for taxes on the home, any repairs, graffiti cleaning, trash removal, and lawn care. Their wages and tax refunds could be garnished.

To prevent any of this from happening to yourself, just do not abandon your home. Homeowner assistance programs require a homeowner to live in their home. Talk with your lender or a professional realtor and foreclosure agency such as Premier Real Estate NYC.

Filed Under: Foreclosure Nyc, Short Sales Nyc

Quick Packing and Moving Tips after Foreclosure

During the 2008 housing crisis, NYC residents were lost and confused. They could not concentrate on work, taking care of their family, and understand the entire foreclosures NYC process. Often, homeowners were in denial, leaving one important matter on the backburner – packing their home.

Usually, foreclosed homeowners aren’t prepared for the move and must downsize. NYC has expensive housing and the moving costs are expensive as well. If you have been thrown by a foreclosure in NYC process, and are looking at last minute preparations to move, here are 3 quick packing and moving tips while saving money in the process.

Avoid Cleaning
Instead of trying to clean your items and neatly arrange them, focus on categorizing your items. It’s an unorganized process, as you’ll have to worry about cleaning later, but it will make packing faster.

Make Two Piles
Make two piles in each room of your home. One pile should be items to keep and the other pile is items to sell. Whatever you can’t sell should be donated, of which you can use the write-off during tax time. Contact a charity to pick up your items to save time and focus on your move.

Packaging and Supplies
The number one rule in packing a foreclosures NYC home in a hurry, is that everything can be used as a transportation item. Boxes are handy, but avoid paying for one at all costs. Ask supermarkets and stores in the area if they can save boxes for you to pick up later. Use different color markers or stickers to mark your boxes. This saves you time of labeling each room on them.

Other great packing items include your laundry baskets, plant pots, and drawers. Line them with towels or clothes and pack your breakable items in them. Other items can be placed in garbage bags. Place all your clothing (hangers and all) on your bed and fold the sheets and tie the ends together. This will make organizing your new closet simpler.

Place food items in large coolers. Coolers are also great for transporting bathroom items like liquid soap, toothpaste, and bath wash. Stuff your pillowcases with pots and pans, picture frames, and shoes.

Filed Under: Uncategorized

Your Children and Their Education after Foreclosure

We often think about the trauma families experience from a foreclosure in NYC. It’s embarrassing, confusing, and stressful. Parent’s main concern is to find a place for their families to lay their heads. It often slips their minds about how will this affect their children’s education. [Read more...]

Filed Under: Foreclosures Nyc, Short Sales Nyc