Short sales NYC

Prior to the 2008 housing crisis…

September 9, 2013 by ernest

In a foreclosure, the lending institution will require the homeowner to appear at a mandatory conference, which includes the bank’s legal team, and other advisors.

The meeting provides the homeowner a chance to meet the lender face to face. This is one of the last ditch efforts by the bank to save the homeowner from a foreclosure. The bank will make gestures, and provide real solutions, and attempts to resolve the crisis.

If the settlement process fails to produce a favorable result for both the lender and the homeowner, then the lender will move ahead through the court system. Prior to the 2008 housing crisis, banks were usually granted a judgment against the homeowner.

Following the whirlwind of foreclosures over the past few years, some states have increased the pressure on lending institutions, and in some cases, homeowners have defeated the motion by the lending institution. Usually the lender wins in the courts.

A Judgment of Foreclosure and Sale is issued after the judgment. This gives the lender the right to sell the property at an auction. Once this is issued a Notice of Sale is then published, followed by an auction sale. [Read more...]

Filed Under: Uncategorized Tagged With: foreclosure nyc, foreclosure nyc 2008 housing crisis, free foreclosure consultation, Homeowners in New York state should be aware, oreclosure, real estate nyc, short sale nyc, Short sales NYC

What is the process required for a foreclosure in New York?

September 9, 2013 by ernest

Most of our clients from Brooklyn, Manhattan, Queens, the Bronx, Staten Island, Long Island and the Tri-state area, are familiar with the housing crisis. This catastrophic period began in 2008 and persists to destroy people’s lives up until today.

A foreclosure is a relatively quick process, but its damage can last a lifetime. If you have received a pre-foreclosure notice, or a summons and complaint, then you need to contact a professional real estate, or financial professional immediately. Premier Real Estate NYC offers both financial professionals and real estate experts who are able to guide you along to avoid a foreclosure.

Premier Real Estate NYC will fight at all costs to avoid foreclosure. One of the first questions a homeowner usually asks is, “how do I avoid foreclosure?” Although each and every foreclosure includes new and different variables, Premier Real Estate NYC has the experience to provide information and advice on any issue related to real estate in New York City.

There is a long list of notices, disclosures, bank meetings and other procedures that make up a foreclosure. New York is one of the few states in the United States that does not require banks to issue a notice that a mortgage payment has been missed; however, most people do have a mortgage agreement that requests a notice be sent within 30 days of a skipped payment. [Read more...]

People in New York City are looking to deal with their foreclosure

September 9, 2013 by ernest

For Ryan Dugan and Clare Bryant, foreclosure has come to consume their life every day. More and more people in New York City are looking at alternative ways to deal with their impending foreclosure. For those whose homes are in foreclosure, there are several options, let’s look at one of them.

A loan modification will drop the homeowners monthly mortgage payment down to a very low figure. With this new savings, and as long as the homeowner is able to capitalize on the savings, he or she may be able to get back on their feet within several months. The loan modification is designed to significantly cut the monthly payment on a home.

It is estimated that close to 2 million Americans are in foreclosure by their lending institution. Unfortunately, it is easy to fall into foreclosure, and difficult to climb out. The mortgage crisis has held many homeowners hostage to their bank. This system has come under a lot of scrutiny by state governments since 2008.

States like Michigan and Florida have been plagued by failing real estate, and as a result, government pressure has forced lending institutions to offer loan modifications. The average New York home owner who has been in foreclosure since 2008 has a number of routes to take in order to avoid foreclosure. [Read more...]