Foreclosures NYC

Real estate foreclosure in New York City

January 12, 2014 by ernest

Foreclosure goes hand in hand with short-sales in today’s real estate market in New York City. There is a rising amount of foreclosures since Hurricane Sandy in areas like Westchester County, and throughout Queens, Staten Island and Brooklyn. Luckily the Bronx was not too affected by the super storm.

With the increase of foreclosures, borrowers are curious what the new mayor, Bill de Blasio, is seeking to do with the jump in foreclosures throughout New York City. The lending institutions will not change their foreclosure structure in light of the rise of real estate foreclosures.

The borrower will receive several notices from the bank, which enables him or her, to negate the foreclosure by meeting numerous bank demands. Some of these demands include finding new sources of revenue through, work, loans, or other angles, which the borrower has not yet explored. The bank does not have the borrowers best interest in mind, and it may lead the homeowner to climb into further debt in order to satisfy the mortgage. [Read more...]

Borrowers are left on their own to find a solution

January 12, 2014 by ernest

Borrowers who are behind on their mortgage need to talk to their lender about various options that may be available. Certain adjustments on the homeowner’s loan will make a significant difference, a comprehensive loan modification may save the home from foreclosure in the long term.

Many banks will be interested to hear your plans, and expectations on how you will avoid foreclosure. Some banks will go out of their way to find early solutions for the homeowner, many will not. Most borrowers are left on their own to find a solution, and many borrowers wait until it is too late. There are many payment options, and the borrower needs to check with his or her lending institution on a regular basis for new programs.

Companies like, Premier Real Estate NYC are tasked with finding programs for borrowers. Banks are often negligent in many cases with homeowners in need of help. Homeowners who have survived the 2008 housing-crisis, and Hurricane Sandy deserve more help from their lending institution.

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Prior to the foreclosure process

January 12, 2014 by ernest

After the foreclosure process, the bank will likely poses a judgment from the court that permits it to sell your home. If the bank intends to sell your house, you will still be allowed to remain in your home until it is sold. The bank must promote your home through ads in local newspapers, and walk-ins. Since the 2008 housing-crisis many people in New York City are watching friends and family suffer from a rise in unemployment, and rising housing costs.

Foreclosure should not be left as an option. There are too many New Yorkers who simply allow the bank to dictate, and direct their financial future. Premier Real Estate NYC has taken a stand for dozens of homeowners, renters, and borrowers in neighborhoods like Red Hook, Brooklyn, Mott Haven, Bronx, Corona Queens, and other areas in Manhattan, and Staten Island.

Once the initial payment is missed, banks will allow you ninety days to pay any owed mortgage payments prior to the foreclosure process. After this grace period, the lending institution will notify you with a certified letter. This serves as a warning that your lending institution will initiate legal action against you.

Once you receive this warning your bank will contact the court and a file a complaint. You will then be notified that you have 35 days to respond to the bank’s complaint. If the borrower fails to respond, the legal case will move through the court system, and the foreclosure process will begin. At this point, the homeowner should have found legal representation. A homeowner who fails to find a lawyer is putting his or her financial future in jeopardy.

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