Foreclosures in New York: Blame it on Subprime Mortgages
Like any other cities, the number of New York house foreclosures is growing considerably, mainly due to the resetting subprime mortgages. Last year the city posted around 9,000 New York foreclosures; a 50% increase from 2005. These subprime mortgages were offered by predatory lenders, who relaxed underwriting guidelines to accommodate unqualified home buyers. Aside from this, there are also unscrupulous real estate brokers who offer help to cure mortgage default but actually just take advantage of the homeowner’s bad situation.
If you one of these homeowners facing New York foreclosures, you should be careful of these real estate brokers. To help you choose a reliable real estate broker, here are some tips:
- Ask Your Friends/ Families: you can always ask your friends or families for recommendations. They would be able to refer a real estate broker that is widely known and has established quite a solid reputation.
- Interview Potential Agents: if you received several referrals, you can always interview these potential agents. Make sure you converse with them in a comfortable and natural way in order to discover whether your personalities would match.
- Browse the Internet: the advances in technology have made everything simpler. There are plenty of reputable real estate brokers like MostlyForeclosures.com that can provide you access to the most reliable foreclosure listings. For a small membership fee, you can subscribe to these New York Foreclosure Listings.
- Qualities: a good real estate agent should be professional and respects your preferences. Your real estate agent should also be able to very responsive with your inquiries and can be contacted easily via email or phone calls.
Following these tips would surely assist you in making sure that you would be able to hire the services of a very reputable real estate broker.
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