Individuals and families in New York who are facing financial challenges are usually looking for options: Can I increase my income? Can I trim my budget? Can I address my debt situation? The questions and answers are different for everyone, but one financial challenge can be scarier than the rest - the prospect of losing your home in a foreclosure action.
As a recent post here noted, many New York residents are still facing problems meeting their monthly mortgage payments, even as the national housing markets rebounds from the depths of 2007 and 2008. Thousands of people face the prospect of a foreclosure action, and the potential result of losing their homes. However, what many people may not know is that there are ways to confront a foreclosure action head-on. And one option is filing for Chapter 13 bankruptcy.
Although many New York residents were able to make it through the economic turmoil of the last decade in fair financial shape, the reality is that there are still many people who are struggling. All indications are that the national economy and housing markets are on the upswing, but that doesn't mean that everyone gets to share in the benefits. Some New York residents may still face the possibility of a foreclosure on their home.
It is an unfortunate fact that, for many reasons, foreclosure rates in the United States have accelerated in recent years. For Long Islanders that have fallen behind on their mortgages, this means the stress of potential foreclosure proceedings, with a possible result of losing their homes. Nevertheless, what is the process by which a lender can bring a home into foreclosure in New York?
Unfortunately, many people caught up in the 2008 financial crisis lost their homes to foreclosure. In fact, some homeowners in Long Island are still reeling from the crisis, or have their own personal financial crises that have made it difficult, if not impossible, to repay their mortgages. However, mortgage scams abound, preying on desperate homeowners.
Looking back at the nation's "Great Recession," some may remember that a significant number of individuals saw their homes enter the foreclosure process. These days, however, it seems as if the economy has rebounded and some may think the nation's foreclosure crisis is at an end. However, that may not be the case for some homeowners in New York.
People in Long Island who have fallen behind on their mortgage payments may be desperate to find a way to avoid foreclosure. For some, trying to sell their home is their preferred option. However, they need to look out for scammers presenting them with deals that are simply too good to be true.
For senior citizens in New York who are struggling financially, getting a reverse mortgage on their home might seem like the answer to their financial challenges. However, what they may not know is that even with a reverse mortgage, their home could still be foreclosed upon. It is for this reason that lawmakers in the New York legislature introduced a bill to protect consumers in such situations.
The 2008 financial crisis was an economically tough time for homeowners across the United States, with many of them facing foreclosure on their homes. While the foreclosure rates have since gone down in many states, the Mortgage Bankers Association reports that New York still has the second highest rate of foreclosures at 4.6 percent in the first quarter of 2016.
While the nation's foreclosure crisis peaked a number of years ago, there are still many homeowners in New York who are facing foreclosure, and may be wondering if there is any way out of their situation. In fact, for some homeowners, relief may be on its way.