Many New Yorkers are falling behind or about to fall behind on their mortgage payments. For those whose equity was wiped out in the housing bust, the time to contact an experienced bankruptcy attorney is now and not later.

Foreclosure is often viewed as the worst option.  However, short sales–a frequent path for many–may be a reasonable . . . → Read More: Short Sales vs. Foreclosure in New York

When the housing bubble burst, home values plummeted and innumerable New Yorkers found that the balances on their mortgages were higher than their houses’ values. Their equity had been wiped out, yet many of them continued staying in their homes nonetheless when they should have seen New York bankruptcy attorney to discuss their options.

Why would they . . . → Read More: Why Do People Stay in Underwater Homes in New York?

For those behind or who are about to fall behind in their mortgages, they often hear the regular options, mainly short-selling, staying and paying, and defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later.

There’s another, similar option that many homeowners may not know . . . → Read More: The 5 Requirements Necessary in New York for a Successful Deed in Lieu of Foreclosure

The eight trillion dollar housing bubble burst, and many people took out mortgages for far greater than the actual value of their homes. The collapsing prices for housing wiped out the equity, including down payments, of many people’s homes. The result is the stagnant economy we now have.

Unfortunately, many of the homeowners in these circumstances don’t . . . → Read More: Bankruptcy: A Partial Solution to the New York Underwater Mortgage