Many homes bought between 2005 and 2008 were swept up in the 2008 housing crisis. As a result, entire areas in New Jersey, Detroit, Michigan, and South Florida were under water in a wave of foreclosures. Westchester is one of the leading areas today for foreclosures. A foreclosure can happen quickly, and many borrowers are caught unprepared.

He or she must understand that there is a good chance they may need to vacate the property, either at the request of bank, or on their own accord. Real Estate groups like Premier Real Estate NYC will provide a homeowner several options including a short-sale. Premier Real Estate offers homeowners the opportunity to short-sale their property in return for a settlement with the bank.

There have been thousands of short-sale agreements that have taken place across areas like Bed-Stuy, Brooklyn, Bushwick, Brooklyn, and Westchester Country over the past several years. A short-sale is accepted by the bank as a safe way of relieving ones debt owed to the bank. Banks do not want to foreclose upon a property and be forced to sell it in order to regain their investment. Lending institutions in New York City are satisfied with the notion of a short-sale. [Read more...]