When you are “underwater” in your home and you owe the bank more than the house is worth, you may decide to sell in a short sale. With a short sale, the bank agrees to take the loss and accept less than you owe because it will be less expensive than a costly foreclosure procedure.…
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…
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…
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…
You can be a responsible homeowner and still find yourself at risk of foreclosure. Like many others who live on Long Island and in the five boroughs of New York City, you may be struggling to make your mortgage payments. To make matters worse, you might be “underwater” and owe more to the bank than…
When you miss a mortgage payment and the bank tells you that you are at risk of foreclosure, things move quickly. Understanding your mortgage debt when faced with foreclosure is very important. You may get phone calls as well as official letters and demands for immediate payment to prevent the bank from taking your home and evicting…
