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…
Selling your house in a short sale may not be the first idea that comes to mind when you can’t meet your mortgage payments. If you live on Long Island or the 5 boroughs and you owe the bank more than you can recoup by selling the house, you might mistakenly believe that you are…
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…
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…
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.…
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…
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…
