If major changes in your life leave you struggling to pay your mortgage, you may decide to sell your home in a short sale. When your house is worth less than you owe on the mortgage, the bank may agree to take less as full payment. Convincing the bank to let you short sale your…
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…
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…
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…
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…
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…
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…
