But today more than ever, that’s far from the case. Lenders are drowning in a glut of properties on the market, and thus have a keen interest in helping homeowners stop home foreclosures in Long Island. 

 Once a lender has filed a Notice of Default, it becomes much more difficult (but not impossible) to stop home foreclosures on a Long Island property. This filing is a legal way for lenders to protect their interest, and it starts the clock ticking against you as you endeavor to stop home foreclosure on your Long Island home. Since foreclosure is a timeline-driven process, it’s important to act immediately – as soon as you foresee you will have problems in making your payments.

1.  Be Proactive: In order to stop home foreclosures in Long Island properties, it’s imperative that you take the initiative and contact your lender before you miss a payment. Oftentimes, terms can be worked out that allow you to make up a missed payment (i.e., paying $100 extra a month for the next year to make up for this months missed $1,200 mortgage payment.) By proactively working with your lender, you’ll be demonstrating your intent to meet your obligation, and your lender will be much more willing to work with you.

5.  Backload Missed Payments: While some lenders want missed payments repaid up front, tacking missed payments onto the end of the loan is becoming an increasingly popular option. Recalculating and re-amortizing the loan can be a very effective means to help you catch up, and to stop foreclosures on your Long Island property.

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