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…
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…
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…
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…
People who live in the 5 boroughs of New York who notice that their neighborhood is attracting more residents should know that recent changes in local zoning laws give them the opportunity to profit from the situation. In fact, homeowners may be able to remain in the neighborhood and live rent free for the rest…
If you owe more to the bank than the property is worth in today’s market, you may think that foreclosure is the only option. After all, if you sell, you will not recoup enough to pay off the mortgage loan. Why would the bank accept less than you owe on your mortgage balance? The fact…
