Troubled by a spike in foreclosures after Hurricane Sandy, many New Yorkers are having a difficult time finding help to avoid foreclosure.
Groups like Premier Real Estate NYC have managed to help dozens of New Yorkers in places like Bed-Stuy Brooklyn, Canarsie, Brooklyn and other neighborhoods in the Kings Borough. For many homeowners, the 2008 housing crisis was the beginning of a financial tailspin.
As many homeowners look for new options to find a way out of foreclosure, many have chosen the route of a short-sale. Many real estate advisors will tell you, do what ever it takes to avoid a foreclosure. This includes a short-sale.
For homeowners who are nearing a potential foreclosure, the best thing to do is contact a real estate professional. The right individual will fill the void of the banks, which often do more harm than good.
Several of the short-sales in Brooklyn have been aided by the lending institution. However, most banks will not allow the home owners to find another way out of their mortgage other than foreclosure. It is common knowledge today that a home owner’s lending institution is on the opposing side of a foreclosure.
Without real help, a property will be issued to the bank for them to sell. A property that is foreclosed upon by the bank will also require the homeowner to pay for all acquired penalty fees. Credit is ruined in a foreclosure, and money that was thought to be safe is no longer. Foreclosures in areas like Westchester, NY and Brooklyn, NY have attracted media coverage and state attention.
A recent report stated that Westchester County has been hit the hardest by foreclosures after Hurricane Sandy. Many homeowners in Westchester, NY have been surprised to see the lack of help from their banks.