Am I at Risk of Foreclosure in NYC?

January 27, 2014 by

Am I at Risk of Foreclosure in NYC?

Some homeowners in New York City feel that as long as they are paying their mortgage, there is no risk of foreclosure. While keeping up with the mortgage means that you are current on the mortgage, payments on the home alone will not keep you out of foreclosure. Here are some signs that a foreclosure in NYC could be in your future if you do not make changes.

No Money Left Over in Budget

If you pay all of your bills and you do not have money left over in your budget, you are at a risk of foreclosure. Though the budget may be working right now, if you hit a snag or miss one paycheck, this could send everything plummeting down. If you are spending every cent on necessities with nothing left over, you may not be able to keep up with mortgage payments in the future. [Read more...]

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Foreclosure NYC

January 25, 2014 by

The volatility in today’s housing market has caused grief for many homeowners. Many borrowers had great expectations. After the 2008-housing crisis many areas in New York City, including Brooklyn, Queens, and parts of Staten Island and the Bronx were swept up in a nationwide default. Not only did homeowners in Brooklyn suffer, there was little help available to them immediately after the housing crisis.

Following the 2008-housing crisis, the job market began to collapse and took the economy down with it. Many homeowners were faced with a nightmare scenario. No job and no way to meet expenses. On top of this disaster was the fact that many loans that had been awarded by the bank were part of a mortgage product known as a ARM. These type of mortgage enabled the borrower to begin his or her payments at an affordable rate; however this rate would adjust to a higher amount at a set time and year. [Read more...]

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What is the future after a foreclosure takes place

January 23, 2014 by

Some foreclosures in New York City have taken up to 450 days. New York State requires that banks prosecute a foreclosure through the judicial system. The foreclosure process can drag on through the court system, and it can end up costing the borrower thousands of dollars.

Premiere Real Estate NYC helps borrowers avoid the foreclosure process all together. The company has already helped dozens of homeowners who are heading towards a foreclosure. Many of these people took it upon themselves to avoid the foreclosure, and looked for alternatives to foreclosure. One of the most important thing any homeowner can do once a payment is missed is seek professional help. [Read more...]

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