If you're a landlord who has mortgages on your rental properties, it's likely that your cash flow situation is complex. You probably depend on the rental income you generate from tenants to pay off the mortgages. When rental payments are late or you do not have a tenant in one of your properties, you may suddenly struggle to keep up with loan repayments.
If you have recently encountered difficulties keeping up with your mortgage repayments, you may feel constantly stressed about how you will get out of the situation you are in. You may also have been faced with foreclosure warnings from your bank, which will likely only add to the stress you are under.
Buying real estate is not necessarily a sure thing. The market moves, often unexpectedly. What appears to be a great price for a home one year may not look nearly so strong just a few years later.
In general, New York has one of the most expensive real estate markets on the East Coast, as well as one of the most competitive in the country. Potential buyers and homeowners often struggle to find a property that fits their needs that they can successfully make an offer on. However, some properties just won't sell.
You want to buy a home or apartment in New York, and so you reach out to a mortgage lender. They ask you for some information, you provide it, and then they tell you that you are pre-qualified for a certain amount of money. What does this really mean?
If you have been struggling to keep up with your mortgage due to unemployment, medical bills or perhaps overwhelming debts, you may live in fear of foreclosure. Foreclosure occurs when lenders decide to essentially cut their losses by taking possession of your home and selling it to gain back what they are owed.
Life is unpredictable. No matter how much we try to plan for the future and allocate our finances accordingly, events happen that can change our situation. Unexpected hardships can arise if we unexpectedly lose our jobs or become ill, for example.
If you're looking to buy a home or any other type of real estate in 2019, you need to know what the market looks like first. This may not dictate your decision -- if you need to buy, you need to buy, no matter what the market does -- but it can help you make an informed decision. The more you know about the process in advance, the better off you'll be.
What is assumption financing in regard to a home mortgage?
If you are feeling overwhelmed by your mortgage, and you need to get relief from the repayment obligations, your best option might be to go through a short sale. In order to do this, you will need approval from your mortgage lender. In the best-case scenario, they will permit you to go through a short sale and write off the mortgage, even if the equity generated from the home is not sufficient to do so.