foreclosure nyc

Short Sale New York City: Will Your Short Sale be Approved?

January 20, 2014 by ernest

Short Sale New York City: Will Your Short Sale be Approved?

If you live in New York City and are thinking about applying for a Short Sale of your home, consider the following: Do you meet the necessary criteria for a Short Sale and are you in the position to negotiate the best possible closing deal with your bank?

The following are some fundamental conditions for your Short Sale to be approved:

Ideally, your mortgage payments should be up to date and your credit should be good. While this is not a hard and fast rule and you may still be approved if this is not the case, having a credit score over 700 will greatly increase the chances of your Short Sale approval. [Read more...]

Short Sale in New York City: The Benefits of a Short Sale

January 19, 2014 by ernest

Short Sale in New York City: The Benefits of a Short Sale

One of the pressing questions for New York City homeowners who are faced with the possibility of default on their mortgage payments is how a Short Sale might benefit them? Is a Short Sale worth all the effort and time you need to put into it? And what, if any are the advantages of a Short Sale over a foreclosure?

Here are some answers:

1. A Short Sale helps avert the social and psychological stigma of a foreclosure. The word foreclosure itself leaves a bad taste in the mouth, not to mention a long-lasting blight on your credit score. A Short Sale allows you to retain the personal dignity of knowing you did whatever you could to recover the value of your home, honor the commitment to your creditor(s) and preserve your financial status. [Read more...]

Filed Under: Uncategorized Tagged With: 2008-housing crisis, foreclosure nyc, Foreclosures NYC, premier real estate nyc, Short Sale in New York City, short sale nyc, Short sales NYC, The benefits of a short sale

Short Sale in New York City: What is a Short Sale?

January 18, 2014 by ernest

Short Sale in New York City: What is a Short Sale?

Following the subprime mortgage crisis in 2008 and the ensuing recession, many homeowners have found it difficult if not impossible to continue making their mortgage payments. In response to these circumstances a growing trend towards Short Sale has been emerging as an alternative to dreaded Foreclosure. In fact, Short Sale deals accounted for about %20 percent of all home sales in New York City in 2012.

What is a Short Sale and how does it work?
To put it simply, a Short Sale means that you sell your home for less than what you still owe to the bank. Although in a short sale scenario you will remain in control of the selling process, a Short Sale can only close when approved by the bank that issued your home loan. While banks have been growing increasingly receptive to Short Sales as they are often less costly than Foreclosures, not all Short Sale requests are approved. [Read more...]

Filed Under: Uncategorized Tagged With: foreclosure nyc, Foreclosures NYC, premier real estate nyc, short sale nyc, Short sales NYC, What is a short sale? 2008-housing crisis