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…
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 interest, taxes and insurance. If you have missed…
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 the amount that is currently due on your…
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 cover the remaining balance on your mortgage. The…
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…
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 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…
When the housing market drops, you owe more to the bank than the house is worth and you are struggling to meet your monthly mortgage payments, your first instinct may be to stay and fight to keep your home at all costs. Your house may have been in the family for years, your kids may…
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 pre-foreclosure notice to auctioning off the home and evicting the residents. Many owners find it difficult to get up-to-date information…
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…
