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A legal process that takes place once the home owner (borrower) has stop paying his or her mortgage at which time the mortgage lender (the bank) will try to recover the balance of a loan from the borrower. The bank will force the sale of the asset used as the collateral for the loan. The foreclosure process can last anywhere from several months to a few years, the key is to act early and assess your options. New Day Homes NYC offers FORECLOSURE DEFENSE services that can help you STOP the foreclosure process on your home.


After receiving an affirmation from the lender, the borrower enters a period known as Pre-foreclosure. In this time period of 30-120 days, the borrower can work out an arrangement with the lender through a short sale or pay the remaining amount owed.

Short Sale

Also known as a Short Settlement allows for the new buyer to purchase a home below market value. In order for a Short Sale to be possible the lender (the bank) most approve the negotiation which will settle the mortgage for a lower amount than the full amount owed. The process begins with the negotiation of the sale price, a licensed appraiser is hired by the bank in order to provide live time market value data on the property in question. Once that is done, both parties come to an agreement based on the conditions, repairs and or specific situation based on the property, whether its livable, completely destroyed, or simply not well kept. The end result allows the homeowner to sell the home and gives them a fresh start within a couple of months once the short sale is reflected on their Credit Report.

Loan Modifications 

Take place when a home owner can no longer afford the monthly payments on their home. New Day Homes NYC will negotiate with the home owners mortgage lender in order to negotiate a permanent lower payment plan in order to save their home.

First Time Home Buyers

New Day Homes NYC also offers services to aid first time home buyers through the process of buying their first home such as applying for a mortgage. Our goal is to make the purchasing experience of your first home as simple and quick as possible.


A process that allows the borrower to obtain a better interest rate and term on the loan which will in turn help improve the terms and conditions of your initial loan.

Reverse mortgages

Allows Senior of age 62 or older to turn the equity on their home into cash, no monthly payments required. Reverse mortgages is a loan program insured by the FHA (Federal Housing Administration) in order to qualify you must be of age 62 or older.

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