The foreclosure crisis has hit New York very hard and thousands of people are trying to avoid it.
There are some ways that can help like setting a budget, not over extending yourself and other things, but the best way is to lower your monthly mortgage payments.
That is easier said than done however, and if you are serious about wanting to work on things you need to know what your options are.
For someone who is falling behind on payments and even missing them, you are more likely to get help without even asking.
Thanks to government funding, banks are now very proactive in trying to keep people like you from losing your home because they lose their profit and originally money they gave you.
If you are still making your payments on time but are struggling to do so, your best chance for help is if you sign up for the government program that will help you restructure your loan.
Either way your best bet is to restructure with a lower interest rate or by extending the terms of the loan so that you can cut your monthly bill by hundreds of dollars.
The fact is that people got into the foreclosure problem because many of them did not have a good credit score when they got their mortgage.
When you are approved for a loan with a bad score your payments go up hundreds of dollars a month.
That is a waste of at least $5,000 a year and the reason people are losing their homes.
That's why you need to use credit repair before you apply for a loan.
There are many credit repair companies that can fix your score in a matter of weeks and at a very cheap price.
The process is simple, fast, and very effective.