FORECLOSURE AVOIDANCE ATTORNEY
Long Island Foreclosure Alternatives / Mortgage Mitigation Attorney
For Long Island homeowners suffering to make the payments on their existing homes, and who want the stability of keeping their homes, there are many options available to most homeowners to work with their existing lenders. The following are foreclosure avoidance alternatives and mortgage mitigation available to our clients. The circumstances of your individual situation will determine which programs are available for you. The following options are presented in their general order of preference.
• Reinstatement - Where the objective is to return the existing mortgage brought current, we work to return the property to a clear title, should a sale be anticipated.
• Loan Modifications - This foreclosure alternative program seeks to have one or more permanent changes made to a client's existing mortgage through negotiations with the existing lender. For example, a mortgage that is set to adjust may be reworked to a flat fixed rate, or a 30-year loan might be able to be rewritten to a 40-year term making for substantially lower monthly payments.
• Forbearance Agreements - Where a homeowner can show that if given a temporary reduction in payments, they will be able to maintain their mortgage, we can work with your lender to seek some 'breathing room.'
• Short Sale - Where a homeowner wishes to sell the house, but finds themselves 'upside down' in owing more on the note than what the current market value will bear, we can work with the lender. In this situation, we would seek to have the mortgage debt be discharged in full for the selling price.
• Bankruptcy - Bankruptcy is generally regarded as the option of last resort for most clients under Chapter 7 or Chapter 13. For clients who have no other apparent option, we can provide a referral for a qualified Long Island bankruptcy attorney who can better advise you.
Whichever option is the correct one for you, our Long Island foreclosure avoidance attorney is able to work closely with you throughout the entire process to ensure that you are kept informed and protected. The real estate law firm also has a policy of offering a free no-obligation confidential initial consultation to see if we may be able to assist you. Contact a Long Island foreclosure avoidance attorney.