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Do you have the potential of not being able to make your next mortgage payment? You are not alone. I practice Real Estate in an area that you may think is untouchable to such a situation. There are foreclosures everywhere. Most people won’t be truthful or are in denial of the idea of loosing their home. New York is a slow moving machine when it comes to this process. Be honest with yourself, be honest with your Realtor. Get a plan in order, you don’t have to loose “everything” .Foreclosure is equivalent to a dark cloud over your future credit for several years where a Short Sale of your property is the equivalent of 3 months delinquency of payment.
Loan modification is the first attack defence. Banks are far more willing to renegotiate your loan. But if it is not an option, you lost your job, you got side swiped by predatory lending and it is coming to fruition now…you have a TRUE hardship, you can short sell your house.
