One of the top 100 areas hit by the mortgage crisis is New York City. Lenders are very willing to help borrowers refinance foreclosure loans, NYC, if it keeps yet another house off their books. With foreclosures up at least a third overall in the New York metropolitan area, it behooves the lender to work with homeowners experiencing difficulties. Looking at if from the banker’s point of view, there are many reasons for them to want to help people to refinance foreclosure loans, NYC, and keep them in their homes.
Reasons Banks Are Trying To Be Proactive
When a mortgage gets foreclosed in an area already saturated by other foreclosures, like NYC, then banks face the prospect of holding onto a property for long periods of time. Besides the write-off they had to take in the foreclosure loans, NYC, they will also be responsible for property taxes, maintenance on the home, upkeep of the exterior, and the potential for vandals breaking in and ransacking or stripping the home.
It makes more sense to keep an owner in the home and take a small write-off by refinancing to better terms than it does to keep too many properties on their books that have no chance of selling in a down market. For this reason, banks are being very creative and proactive in helping homeowners who want to keep their homes from defaulting as they work to refinance foreclosure loans, NYC.
Call Your Lender If You Are In Trouble
For this reason alone, it might work in your favor if you are being threatened with foreclosure to call your lender and see if they are willing to negotiate. Most are willing to try anything to help keep another home off their books. You can attempt to renegotiate the term of the loan, even if your home’s value has dropped. This can also serve to lower your payments. They may even allow you to skip a few payments and tack that amount onto the end of the loan.
Some are even willing to forgive late penalties and other additional costs, if it will bring your loan current. Don’t be afraid to ask. It will not only work in your favor to keep your home out of foreclosure, but it also helps the banks with the multiple foreclosure loans, NYC. As more and more aide comes to distressed homeowners, every little bit of time you buy can help you sidestep foreclosure for good. So, be sure to leave no stone unturned as you face what millions of others across the country are dealing with at the same time.