In today’s market of surging foreclosures, your need for an attorney that concentrates in foreclosure defense has become irrefutable. However, it is up to you to siphon the countless Long Island foreclosure lawyers out there, and find one with experience and compassion to handle your case properly.

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Many analysts have spent countless hours discussing why foreclosures have hit record numbers over the last few years, but the reasons are irrelevant. For consumers affected, it is imperative to begin to rebuild and repair, time better spent controlling the damage set forth. And, the important thing to remember is that this can be achieved; by hiring an attorney to fight foreclosure status and/or identifying potential alternatives, such as short sales or loan modifications on behalf of their clients.

Although each foreclosure situation is different, an attorney will begin any foreclosure procedure by researching any violations or discrepancies written in your mortgage contract; AND THE MANNER OF HOW EACH ASSIGNMENT OF THE RELATED NOTE WAS FILED. This will strengthen your defense in the foreclosure proceedings. Banks are much more likely to negotiate an attorney advises them of the violations to the law found within your mortgage papers. The information is used as leverage in defending your case and negotiating an apt settlement.

As mentioned above, there are options to just giving your home up in foreclosure. The term “short sale“ has been tossed around quite a bit, but many are unfamiliar with its definition. A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate that is ‘short’ of the full debt amount. This will usually extinguish the remaining balance.

Loan modifications, on the other hand, do not require selling the home; the bank will make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. The most common loan modifications are lowering the interest rate, reducing the principal balance, ‘fixing’ adjustable interest rates, forgiveness of payment defaults & fees, or any combination of these. A loan modification can help homeowners who can not refinance or afford their current mortgage payments. Make sure you contact a foreclosure lawyer today to see if a loan modification can help you avoid foreclosure.

There are several other alternatives that may also be appropriate, based on an individual’s situation. An experienced Long Island Foreclosure Lawyer will be able to advise their clients of these options. We service all of Long Island including Nassau County and Suffolk County, we also service Manhattan NYC, and upstate New York.