Foreclosures NYC

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...]

New York City Foreclosure: The Benefits of Foreclosure

January 17, 2014 by ernest

New York City Foreclosure: The Benefits of Foreclosure

I know you’ve probably been trying to avoid it like the plague and it may seem like your worst nightmare, but let’s consider for a moment the brighter side of foreclosure.

First of all foreclosure can save you money and aggravation. If you legitimately can’t afford your mortgage payments and an expert has confirmed that foreclosure is your best and only option, then stop breaking your back to make payments that are out of your reach! Instead, you can refocus your energies on saving money to pay off other bills that are affordable and plan for a future investment. [Read more...]

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

Alternatives to Foreclosure in New York City

January 16, 2014 by ernest

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...]

Filed Under: Uncategorized Tagged With: 2008-housing crisis, Alternatives to foreclosure in New York City, foreclosure nyc, Foreclosures NYC, premier real estate nyc, short sale nyc, Short sales NYC