Foreclosures NYC

Get out of Foreclosure with a Short Sale

January 28, 2014 by ernest

Get out of Foreclosure with a Short Sale

On average, there is no housing market in the United States that is better than the housing market in New York City. With millions of residents, and thousands more who are flocking to NYC every month, there are always people in need of housing. If you own a home in NYC, you know how precious housing is. You also know how hard it can be to keep housing. If you are facing foreclosure in NYC, you may be able to save your record by doing a short sale with Premier Real Estate NYC.

A short sale is a process in which a bank and the current homeowner collaborate to sell a home. A short sale can only happen when the homeowner is unable to keep up the responsibility of the home. The mortgage company must determine this themselves. The process of checking to be sure that a homeowner can go through the short sale process in NYC will depend on the current amount owed on the home, and the financial state of the homeowner. [Read more...]

Am I at Risk of Foreclosure in NYC?

January 27, 2014 by ernest

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...]

Filed Under: Uncategorized Tagged With: 2008-housing crisis, foreclosure nyc, Foreclosure risk in NYC, Foreclosures NYC, premier real estate nyc, short sale nyc, Short sales NYC

Foreclosure NYC

January 25, 2014 by ernest

The volatility in today’s housing market has caused grief for many homeowners. Many borrowers had great expectations. After the 2008-housing crisis many areas in New York City, including Brooklyn, Queens, and parts of Staten Island and the Bronx were swept up in a nationwide default. Not only did homeowners in Brooklyn suffer, there was little help available to them immediately after the housing crisis.

Following the 2008-housing crisis, the job market began to collapse and took the economy down with it. Many homeowners were faced with a nightmare scenario. No job and no way to meet expenses. On top of this disaster was the fact that many loans that had been awarded by the bank were part of a mortgage product known as a ARM. These type of mortgage enabled the borrower to begin his or her payments at an affordable rate; however this rate would adjust to a higher amount at a set time and year. [Read more...]

Filed Under: Uncategorized Tagged With: 2008-housing crisis, foreclosure nyc, Foreclosures NYC, my foreclosure crisis, premier real estate nyc, questions on foreclosure, real estate nyc, short sale nyc, Short sales NYC