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.…

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…

Can I buy a home after a short sale?

Yes, you can apply for a mortgage and buy a more affordable home after a short sale. A short sale gives you the chance to buy a more affordable home and get a fresh start in life approximately 2 years after it’s completed. Homeowners struggling with mortgage payments often decide that a short sale is…