Queens New York foreclosure report May 2011

By
Real Estate Agent with Boston Trust Realty Group

Queens New York Foreclosure Report May 2011

According to Realty Trac, Inc. There were 296 foreclosure filings in Queens New York in April of 2011. That works out to be 1 in every 296 homes and represents a 125% increase over April 2011. A 125% increase is very alarming.The increasing number of foreclosure filings are further evidence that the housing crisis is not over.. From my understanding the Banks and The Department of Housing and Urban Development have all agreed that 2011 will be the year they push through with most of the pending foreclosures that have been held up due to title issues, faulty assignments and moratoriums. Many economists believe that the best way to deal with this problem is to get through it as quickly as possible. Sellers who are facing foreclosure have two primary options. If they desire to save their homes they can apply for a loan modification. A loan modification is basically the restructuring of the home owners mortgage debt. This usually involves assessing how much the home owner can afford to pay based on their income and adjusting the payment schedule accordingly. If a home owner does not qualify for a loan modification, a second option is a short sale. A short sale enables a home owner to sell their home based on the market value instead of the loan amount. Once the bank has agreed to the sales price, the seller will be able to sell the home and move on with their lives. In most instances the bank will also forgive the debt that is not covered by the short sale amount. But above all a short sale enables a home owner to avoid foreclosure and stave off the negative impact a foreclosure will have on ones credit. For more information on your options in Queens New York visit www.FYourLender.com

Posted by

About the author: The above Real Estate information was provided by Robert L Nichols Jr. Robert is a is real estate consultant and Entrepreneur. His services encompass real estate brokering, development, short sales, and innovative listing services.

Robert Has founded several real estate stratups and is the Founder of Boston Trust Realty Group, a Boston based brokerage firm. Robert's companies also include MungoList.com and Rigid Capital Investors, LLC.

Boston Trust Realty Group Logo MungoList Logo  Rigid Capital Investors, LLC

Comments (0)