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…
Homeowners struggling to meet their mortgage payments live in fear that the bank will initiate foreclosure and evict them. They sometimes ask for a loan modification to make their payments more affordable so they can remain in their home. However, a loan modification is not always the best alternative. Avoid Foreclosure because there’s often better…
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…
As a homeowner, you take pride in your home and you probably have a family that needs a roof over its head. Unfortunately, you may find yourself in financial distress to the point where meeting your monthly mortgage payment becomes increasingly difficult. Maybe you feel threatened by the looming possibility of a bank foreclosure. For…
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…
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…
The distressed property market on Long Island and in the five boroughs has experienced major changes since the housing crisis. Banks are more aggressive and they are foreclosing on homeowners at a faster pace. Many homeowners who find themselves behind on their mortgage payments discover that they are facing the threat of foreclosure. The good…
Long Islanders and New York City residents are still feeling the effects of the housing crisis when real estate prices fell drastically. In 2016, one out of every 137 homes in New York State was in foreclosure, the 13th highest rate in the nation. To make matters worse, the 5-year increase in home values was…
