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...]