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New York Foreclosure Defense Attorney

How Do I Stop a Foreclosure?

During the current recession there have been an unprecedented amount of foreclosures in the United States. In the metropolitan New York area thousands of homes are going into foreclosure on a monthly basis. It is important if you are having financial difficulties that you are aware of the necessary steps to avoid foreclosure or to neutralize or minimize its impact.

Don’t Give Up

Consider your options early. If a lender initiates the foreclosure process it will have a devastating effect on your credit rating and make it virtually impossible for you to refinance or purchase another home in the near future.

There are a number of options available to individuals facing foreclosure:

  1. You can sell your home and avoid the foreclosure process.
  2. If your home is under water, meaning worth less than the amount of the mortgage, you can do what is called a short sale.
  3. You can try to renegotiate with your lender the terms of your loan.
  4. You can ask your lender for a forbearance agreement. A forbearance agreement is an agreement to make reduced or modified payments. A forbearance arrangement usually reduces or eliminates your payments for a short period of time and makes up down the road for the reduction in your payments.

To qualify for a forbearance agreement, you must provide the lender with detailed financial records and demonstrate that your financial circumstances will most likely improve in the future.

Loan Modifications

There are a number of loan modifications programs available today. President Barack Obama has pressured banks and other financial institutions to cooperate with lenders who are in financial difficulty to modify their loans. Examples of loan modifications are that a lender may take the missed payments and put them at the end of the loan. This would extend the loan for a longer period of time. The lender may also convert an adjustable rate mortgage to a fixed rate mortgage or reduce the interest in the mortgage to 3%.

Filing for Bankruptcy

Foreclosure proceedings are handled in state courts. Bankruptcy filings take place in federal courts. Under the supremacy clause in the United States Constitution, when the federal court intervenes, the state court action is stopped. The technical term for the stopping of the state court proceeding by a bankruptcy court is called "an automatic stay." This stops all state court action in the foreclosure proceeding until your bankruptcy ends or gets dismissed.

The foreclosure on an individual’s home involves potential loss of the most valuable possession a family has. This should not be taken lightly. You should not run away from the problem. You should face up to the problem and look for the best possible solutions. Contacting a knowledgeable foreclosure defense law firm is a good first step.

Legal Services that Fulfill Your Needs

At the Law Office of Elliot S. Schlissel, our unfailing dedication to our community, the legal community and our clients gives us a winning advantage every time.

Our attorneys have developed good working relationships with lawyers and court personnel in Nassau County, Suffolk County and the other counties in the New York metropolitan and Long Island area. Our attorneys are well known and well respected in the New York legal community, and we can help you feel like an insider in the legal system.

No matter what you need, you should choose an attorney carefully. Contact Us to discuss your case and how we can help. Feel free to call toll free, any time, day or night, at (800) 344-6431 or call (718) 350-2802. You can also reach us in Nassau County at (516) 561-6645. We have offices in Lynbrook, Queens and Suffolk counties and can help anyone in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester County, Nassau County, Suffolk County and more locations throughout New York City and Long Island.

If you have questions about our firm or the legal services we provide, we invite you to call us at (800) 344-6431, (718) 350-2802 or (516) 561-6645. Our phones are answered 24/7. For our Spanish-speaking clients, se habla Español.

Tags: loan modification in the united states, real property law, personal finance, real estate, foreclosure foreclosure, loss mitigation, short sale, credit rating, new york, defense attorneys, foreclosure process, avoid foreclosure, forbearance, foreclosures, foreclosure, defense, mortgage, banking, finance

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