Many people mistakenly believe that once they’ve missed a house payment or two, that their home is bound to be foreclosed upon.

Here are just a few ways homeowners can stop home foreclosures on Long Island properties:

2.  Extra time to make up missed payments:  Some lenders will extend a grace period before taking legal action against you, so it’s a good idea to at least ask for this option.

3.  Loan Modification – Reduced rate:  Lenders are more willing than ever  to consider loan modifications that reduce your interest rate (or convert an adjustable rate into a fixed rate.)

4.  Loan Modification – Extended Amortization Period:  Another option is to ask to extend the life of your loan, often from a 30-year loan to a 40-year loan.

You see it almost daily in the headlines:  Government economic stimulus packages to help struggling homeowners. But how is a layperson to sort through the hype of all the recently created mortgage loan modification programs out there?

That’s where we can help. At The Law Offices of Ronald Weiss, we’re adept at helping homeowners in distress. First we help you take stock of your current situation, then work with you to educate you about the variety of mortgage loan modification programs out there. These programs can be lifesavers for struggling homeowners, allowing them to reduce their mortgage payments and save their homes.

Mortgage loan modification programs aren’t right for everyone, however. Because these are government programs, rules and regulations have been put into place to keep people (usually investors) from taking advantage of the programs.

In order to qualify for a mortgage loan modification program, you must:

• Have a documented financial hardship or change in financial circumstances
• Be delinquent on your mortgage by 90 days or more
• Occupy the property yourself (investment/rental mortgages do not qualify)
• Not have filed for bankruptcy

While your situation may seem overwhelming to you, when viewed through the eyes of an unbiased, experienced professional, there is often hope. Our experts at The Law Offices of Ronald Weiss can introduce you to an array of mortgage loan modification options which can reduce your monthly mortgage payment and give you the breathing room you need to get back on track.

So contact us today, and let our experienced professionals show you the many ways we can help get you back on the road to recovery. A mortgage loan modification may not be right for everybody, but may be just what you need to get you on the path back to financial freedom. 

Month after month of non-stop battering, each time some optimistic spark deep within produces a faint glow of hope that it can’t get any worse, something new goes wrong.  This month consumer confidence was like a sky diver with a defective parachute. The reason? More bad news of increased job cuts, and decreased retirement accounts.

In fact, there was no good news of any kind for the short term. The best news, if you can call it that, was from the Fed which said that the economy is undergoing a “severe contraction” that would last for the first half of this year.

All the major retailers reported bad fourth quarter results, and home prices recorded the sharpest drop ever. Search where you will, there was no good economic news anywhere. The best news available was actually the absence of bad news – gas prices did not show any indication of going up in the near future.

In New York, the Conference Board advised that its Consumer Confidence Index which showed only a small drop in the December - January period (perhaps because of the holiday mood) experienced a sharp drop of 12 points this month to currently rest at 25, far below the projected level of 35 that experts had predicted. Nassau County foreclosure lawyers say they may be able to help stop or prevent foreclosures, or relieve financial burdens if they are called in to help early enough. It’s very important not to delay asking for help from a bankruptcy or foreclosure lawyer.

Foreclosing on a mortgage is a major step for any family and the fact that foreclosure attorneys are being consulted in this volume only substantiates the fact that many families have reached the brink with literally nowhere to turn.

Most analysts say that looking ahead, at least in the short to medium term, increasing worries about business conditions, corporate earnings and employment security are creating a vicious cycle of steadily reducing consumer spending which is exactly the opposite of what is required to kick start the economy.

Consumers are also scared by the free fall in home prices which have plunged by over 18%, the largest fall in 21 years. Today’s property prices are what they were in 2003.

While consumer confidence will naturally be affected by what has happened since last September, what is worrying is that even optimism for the future was absent until Obama took office. It surged then, but has already started to drop because illogical miracle solutions that people hoped would keep them away from bankruptcy law firms in Suffolk County and other parts of New York, did not materialize.

There may be hope for those who are able to hold on for a few more months may not see a return to prosperity, but at least a light at the end of the tunnel.

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Times are tight- there’s no doubt about that. Just look at the growing number of vacant and boarded up homes in Long Island to verify that. Foreclosures are on the rise in New York, and most consumers are not educated enough in these matters to effectively facilitate their own rescue, or quietly and appropriately allow to happen what in many cases is inevitable- without doing unnecessary damage to their credit, legal standing, and emotional well-being. For these reasons, it is absolutely crucial to consult with qualified and experienced New York foreclosure attorneys. Many people, however, do not take this vital step, as they do not truly understand what foreclosure attorneys can do for them. Let’s examine this:

First of all, a foreclosure attorney brings piece of mind. Knowing that your situation is in competent hands can be a big relief. Your finances and all related agreements will be reviewed, and the attorney will discuss your situation in general. If you have already received a summons or complaint, the lawyer will respond to that while keeping you within very tight legal guidelines. If you are unemployed or underemployed, the attorney will argue under a statute that allows extra time to file your response to the complaint, and may also allow a legal delay in the foreclosure proceedings, up to six months. Responses to the complaint will include any defenses developed by you and your legal counsel.

Believe it or not, part of a foreclosure attorney’s job is to review ways to actually prevent the foreclosure. They will discuss possible methods used to gain foreclosure prevention assistance with you, such as those offered by State and local governments and social organizations. In addition, they will explore your standing under the Federal program known as Hope Now, and will be able to explain what this program is in terms that you can understand.

If a foreclosure is unavoidable, a foreclosure attorney will advise you whether to ask for a “Strict” foreclosure, or a “Foreclosure by Sale.” Each type is very different, and needs expert understanding in order to determine the best choice for any particular situation. To prevent either type of foreclosure, an experienced attorney may assist you in obtaining a “Deed in Lieu of Foreclosure.” In most cases, a deed in lieu of foreclosure allows you to return the property title to the bank without forcing them to incur court and litigation costs, and in return, the bank or lender agrees to not seek judgment against you for any amounts owed that the return of the deed does not cover. These are all highly complicated issues, and therefore reinforce all the more why a professional foreclosure attorney is needed.