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.

This entry was posted on Monday, March 9th, 2009 at 7:19 am and is filed under Foreclosure Education, Long Island Foreclosure Firm, Long Island Law Firm, Nassau & Suffolk County, Nassau & Suffolk County Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.