Short sales NYC

Facts about Real Estate Foreclosures in New York City

January 13, 2014 by ernest

In the last ten months New York City has seen a tremendous spike in foreclosure lawsuits and auctions. While foreclosure rates dropped in the rest of the country, New York City’s has risen by 25 percent since last year according to the national foreclosures listings company RealtyTrac.

Nassau County in Long Island has been particularly hard hit. People who rushed to buy homes while prices were high are now struggling to pay their mortgages and their taxes. It ‘s estimated that property taxes in the Long Island area average about $9,000 a year.

The resources of the courts are being pulled very thin by this wave of foreclosures, as real estate foreclosure lawsuits now account for a third of all civil cases being filed in New York City. There have been instances of looting abandoned homes reported in Nassau County.

Those who have worked hard to avoid foreclosure in New York City have also recently received some unwelcome news. The Mortgage Forgiveness Debt Relief Act, passed in 2007, is set to expire at the end of the year. [Read more...]

Real Estate Foreclosures in New York City: What is the Process?

January 13, 2014 by ernest

Real Estate Foreclosures in New York City: What is the Process?

If you’re facing potential foreclosure on your home, you’re probably wondering how long the process will take and what’s involved. How long will it be until you actually have to leave your home, what legal proceedings will you face and will you have a chance to reverse these proceedings?

We’ll start by telling you that because New York is a judicial state, the process of real estate foreclosure in New York City will usually take up 15 months to complete.

The following is a breakdown of what you can expect to happen during these 15 months:

1. About 15-30 days following a missed mortgage payment, your lender will try to contact you or send you an official notice regarding your late payment.

2. Your lender must provide you with 90 days of advanced warning before starting foreclosure proceedings. This gives you time to come to arrangement with your lender and make payment. Typically you will receive this advanced warning 45-60 days following non-payment.

3. Once this 90 day period is over, the next 7-9 months will include the following actions: Your lender will likely pass your file to its foreclosure department and/or attorney to begin foreclosure proceedings. They will submit a notice of foreclosure to the court and you will receive a summons to appear at a settlement conference.

At this conference, the court will determine based on the evidence whether or not a foreclosure is necessary in your case. Usually, if are unable to offer a quick solution to bringing your payments up to date, the court will rule in favor of the lender and a foreclosure sale will be scheduled four months from the date of the conference.

4. The foreclosure sale will be an auction on which anyone can bid. Once your home is sold you will have to move out and you will have not possibility to repurchase is or bring your mortgage up to date.

For more information and to find out how we can help prevent you from losing your home, please register for a free consultation.

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Credit is ruined in a foreclosure

January 13, 2014 by ernest

Credit is ruined in a foreclosure; a homeowner will have a difficult time reclaiming their good standing with the lending institutions after a foreclosure takes place. It can take years after a foreclosure for an individual to regain their ability to borrow.

The effects of a foreclosure can last a lifetime. In order to settle outstanding payments, credit cards, and other sources of income, may be acquired by the bank. The bank has tremendous resolve, and will stop at nothing to find a solution to satisfying a borrowed amount.

Rather than wait for your lending institution to lead the foreclosure process, you should call Premier Real Estate NYC. The organization offers a free consultation for homeowners who are locked in a legal dispute with their bank.

Dozens of borrowers have turned to real estate groups like Premier Real Estate NYC to find adequate solutions. If you do not find help, you are placing yourself, and your family at risk. Avoiding a foreclosure should be the main priority of the homeowner.

At the beginning of the foreclosure, it is not recommended to start looking for new sources of income; if the borrower fails to fulfill his or her agreement with the bank, the bank may look to tap new sources for revenue. Beware. A homeowner needs to find aid once a financial crisis hits.

In New York State today there are many NGOs and other services that are readily available to homeowners. Premier Real Estate NYC works with several local and state organizations. The company is able to show you a large variety of services, including new offers that you may have not noticed.

Without companies like Premier Real Estate NYC many homeowner would have been forced out of their home. Borrowers who are facing a foreclosure are able to find help in New York City.

Filed Under: Uncategorized Tagged With: 2008-housing crisis, credit is ruined in a foreclosure, foreclosure nyc, Foreclosures NYC, premier real estate nyc, short sale nyc, Short sales NYC