If you are behind on your mortgage payments, receiving late notices from your bank, and are concerned about losing your home, help is available. The Touro Law Mortgage Foreclosure and Bankruptcy Clinic
You may have some federal grants to help you, I would research those options.
Your coop should have I place a master insurance policy, speak to them first but before walking away you should look into a short sale or deed in lieu to settle the mortgage debt....you can't walk away from that.... more
The Long Island Housing Partnership had such a program two years ago, I don't know if it still exists. The problem was competing with cash investors or those with a hefty down payments. Lender are certainly not eager to sit around waiting for some bureaucratic program.... more
Thank you for your question Cami. Renovating a home and selling it for a profit, also known as 'flipping,' is not happening as much in today's market because there has been little appreciation in the market.
The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.
The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.
Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.
If a homeowner does not pay the mortgage the home is auctioned
If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.... more