Many New Yorkers are racing against the clock to save and prepare for their future retirement and so the need to deal with Long Island, New York foreclosures is not something that they had on their agenda. For the first time, people have to be taking second looks into their bank accounts to see if they have the next month’s mortgage payment, car payment, credit card bill payment or even the utility bill. Many are “robbing Peter to pay Paul,” as some may describe the dilemma in which they find themselves.
The retirement nest eggs are in jeopardy, but for those real estate investors who see the prime opportunity to dig in and plant their own nest eggs, it is a dream come true to be able to buy Long Island, New York foreclosures that they were unable to do before.
Real estate investing has proven to be a lucrative business in the past and presently, it is no different. However, some real estate investors are fearful that their nest egg may be tied up in real estate that they are unable to get rid of. Like the bank, they fear the fact that they will have homes that they are unable to rent or sell to turn over a profit.
Even the same real estate investors are facing Long Island, New York foreclosures of homes that they purchased on the whim before the real estate bubble burst in 2007. For those who have lost so many of their investments, it is a true tragedy. However, it is not all lost because the tables have turned now.
Let me explain. When the bank forecloses on a homeowner’s property due to a default on their mortgage loan, the foreclosure process begins. The homeowner is forced to do either of one of these things – to give up the home to the bank willingly and face the consequences of having bad credit or wait until the bank comes for the home through the foreclosure process. When the home is foreclosed by the bank or given to the bank by the foreclosure, it forces the homeowner to find another place to live.
Of course, the recent foreclosure may prompt the homeowner to pack up and go live with relatives, but because of pride, the previous homeowner may opt to find a place to rent instead. What this does for the real estate investors is to free up the rental market and allow them to invest in more properties to be able to provide more rental properties as the real estate market takes a drastic turn.
The city of New York has a strong economical base, but has suffered somewhat, due to the recession. A lot of people in the big city live in apartments because it is easy to stay close to transportation by train and bus instead of driving their own cars. However, people that live out in the distant Long Island, New York, do just the opposite. They live in this area because they want to have the independence that the big city does not offer. So they purchase homes outside of the city to avoid the combustion that the city offers.
Due to bank repossession and Long Island, New York foreclosures, many of these same people are moving back to the big city of New York to rent apartments from real estate investors.