Why Are So Many People Falling Behind On Their Mortgages?

The rate of missed mortgage payments rose to a high during the coronavirus pandemic that has not been seen since the 2008 housing crisis. With so many people struggling to stay ahead on their mortgages, many mortgage lenders are afraid of what the future may hold. But why are so many mortgagees falling behind on their mortgages, and what can people do about it? Continue reading “Why Are So Many People Falling Behind On Their Mortgages?”

What is a Short Sale? How is it Different from a Foreclosure?

short sale lawyer Long IslandEach year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”

Buying A Foreclosed Property May Lead To Eviction

In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”