Short Sale vs. Foreclosure – What’s the Difference?

Whether you’re a buyer or a borrower / seller, a short sale and foreclosure each present different advantages and difficulties. What Is A Foreclosure In Long Island NY? In simple terms… “A foreclosed home is one in which the owner is unable to make his mortgage loan payments and the bank repossessed the home” (source). … Continued

What is a Pre-Foreclosure in Long Island?

With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process. So what is a pre-foreclosure in Long Island anyway? Many homeowners across America and Long Island are facing difficulties making their monthly mortgage payments. When a homeowner misses 3-6 months of mortgage payments, the lending … Continued

How to stay in my home after foreclosure in Long Island

A recent study estimates that 47% of foreclosed properties are still occupied. So the question is, “How to stay in my home after foreclosure in Long Island?”… When you first see that stat you may be surprised… but we’re not. What most people don’t realize is that banks aren’t in the business to own homes. … Continued

Understanding the Foreclosure Process in NY

Understanding the foreclosure process in NY is an important part of navigating your own home foreclosure. Before we dive in… What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments. Foreclosure is no fun.  But just know that it’s not … Continued

Can I sell my Long Island house in foreclosure?

Do you have a Long Island NY house that’s in foreclosure right now?  Are you thinking,  can I sell my Long Island house in foreclosure ?  Many people going through the NY foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The … Continued