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…

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 Pro’s 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…

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…

Which is a Better Alternative to Foreclosure? Loan Modification or Rent-to-Own?

Which is a Better Alternative to Foreclosure? Loan Modification or Rent-to-Own?

As a homeowner, you take pride in your home and you probably have a family that needs a roof over its head. Unfortunately, you may find yourself in financial distress to the point where meeting your monthly mortgage payment becomes increasingly difficult. Maybe you feel threatened by the looming possibility of a bank foreclosure. For…

Why a Loan Modification May Not Be your Best Option

Why a Loan Modification May Not Be your Best Option

Homeowners on Long Island and in the five boroughs who are struggling to meet their monthly mortgage payments can be proactive and find alternatives to a devastating foreclosure. However, choosing a strategy can be difficult. There are several options available, such as a Loan Modification, a Short Sale and just walking away from the house…