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…

The Perfect Storm – What to Do if you are Underwater with Bad Credit and No Money

The Perfect Storm: What to Do if You are “Underwater” with Bad Credit and No Money Homeowners on Long Island and in the five boroughs having trouble meeting their mortgage payments may feel they have no choice but to stay put and wait for the feared foreclosure auction notice. This is especially true if their…

The Pros and Cons of a Loan Modification

The Pro’s and Cons of a Loan Modification Homeowners who are having a hard time making their mortgage payments may decide to fight to hold on to their home. A loan modification may lower monthly payments and make them more affordable, but for many Long Island homeowners and residents of the five boroughs a loan…

What are the options you would recommend for someone to avoid foreclosure?

When homeowners struggle to keep up with their mortgage payments and the bank threatens foreclosure, they are on an emotional rollercoaster. To make matters worse, banks have become more aggressive in moving from the first preforeclosure notice to auctioning off the home and evicting the residents. Many owners find it difficult to get up-to-date information…

I’m Worried about Relocating If I Sell My House in a Short Sale. What Do You Recommend?

A short sale is a great alternative to foreclosure, but some people worry about where they will go when the short sale is complete. Through banking guidelines, a person who has sold their home in a short sale must wait 2 – 3 years to purchase another home. In many cases, people who complete a…

If I Have a Reverse Mortgage and I Am Facing Foreclosure, What Can I Do?

Many homeowners with a reverse mortgage have the option of satisfying their debt and walking away with cash to relocate, even if they are facing foreclosure. Home Equity Conversion Mortgage a.k.a Reverse Mortgage Seniors ages 62 and older may decide on a reverse mortgage, also known as a home equity conversion mortgage or a “backwards…

My Siblings and I Inherited a Property in Poor Condition That We Want to Sell. What Are Our Options?

When people inherit a property in desperate need of repair, they often discover that there are financial problems as well. In many cases, their first reaction is to simply walk away especially if they feel there is no equity in the property. They mistakenly believe that getting involved with the purchase or a sale of…

Is a Loan Modification Right for Me?

Homeowners struggling to meet their mortgage payments live in fear that the bank will initiate foreclosure and evict them. They sometimes ask for a loan modification to make their payments more affordable so they can remain in their home. However, a loan modification is not always the best alternative. Avoid Foreclosure because there’s often better…