How to Convince the Bank to Agree to a Short Sale

How to Convince the Bank to Agree to a Short Sale If you are like many homeowners on the brink of foreclosure, you may have come to the conclusion that a short sale is the best alternative. But if you are “underwater” on your home, you need the bank’s permission before you sell. That’s because…

Understand Your Mortgage Debt When Faced with Foreclosure

Understand your Mortgage Debt when Faced With Foreclosure Most people take out a mortgage when they buy a house. You probably have a 30 year mortgage, although some mortgages run for shorter term such as 15 years. When you make a mortgage payment, you are likely to be paying for other costs as well, like…

Why Selling Can Put You in a Better Financial Position than a Loan Modification

Why Selling can Put you in a Better Financial Position than a Loan Modification Selling your house in a short sale may not be the first idea that comes to mind when you can’t meet your mortgage payments. If you live on Long Island or the 5 boroughs and you owe the bank more than…

Ten Frequently Asked Questions About Short Sales

10 Frequently Asked Questions about a Short Sale If you are like many other homeowners on Long Island and in the five boroughs, you may have heard the term “short sale” but you are not really sure what it means. Even if you know that a short sale means selling your home for less than…

How New York Homeowners Can Live Rent Free

How New York Homeowners can Live Rent Free Recent changes to New York City zoning laws will now permit many property owners in the five boroughs to profit greatly in developing neighborhoods. Under NYC Mayor Bill de Blasio, a huge rezoning plan is now in effect. The goal is to create affordable housing that accommodates…

Why Would the Bank Accept a Short Sale?

Why Would the Bank Accept a Short Sale? When you are facing foreclosure, selling your house in a short sale is often a good option. A short sale of your home is handled through a real estate agent just like any other real estate transaction. The difference is that you do not recoup enough to…

How to Do a Short Sale if You Have Poor Credit

Even if you have been financially responsible for years, you may now be at risk of foreclosure with a poor credit rating that makes it impossible to refinance your home to lower your mortgage payments. To make matters worse, you may be “underwater” on your home because of added debt from a second mortgage that…

What are My Options to Keep My Home if I’m Behind on My Mortgage?

Many homeowners on Long Island and in the five boroughs find themselves behind on their mortgage payments and at risk of foreclosure. The reasons may be different, but the result is the same. If you are in this situation you may have some options to keep your home, especially if your financial difficulties are temporary.…

Which is Better, Stay and Get a Loan Modification, or Move and Rent-to-Own?

For many homeowners behind on their mortgage, today’s real estate climate is frightening. Banks are getting more and more aggressive by foreclosing on distressed properties at faster and faster speeds. The result is that far too many homeowners on Long Island and in the five boroughs of New York are suffering the devastating negative effects…

What to Do if the Bank Offers a Bad Deal for a Loan Modification

As a homeowner on Long Island or in the five boroughs of New York, you may feel that you have few options if you are threatened with foreclosure. Refinancing is usually not an choice, but in some cases the bank may agree to a loan modification. With a loan modification you may feel that the…