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...]