If you’re facing foreclosure in Long Island, here’s a little known tactic you can use to delay or perhaps even stop the foreclosure process.

Be forewarned, however. This tactic is in no way guaranteed and is not for the faint of heart. You may want to consult an LI foreclosure attorney to see if this strategy would work for you.

Whenever a property is foreclosed upon, the only entity that legally can actually foreclosure upon it must have the right to actually do so. Recent years have seen many mortgages bought sold, resold, sold again, bundled with other mortgages (repackaged), etc. This can mean the actual “owner” of the mortgage gets lost in the shuffle. Documentation of mortgage ownership becomes lost or hard to find.

Which means that you, the defender in an LI foreclosure proceeding, can ask the foreclosure plaintiff to prove it “owns” the mortgage – that it must prove it has the legal right to foreclosure on your property. Unless the plaintiff can product this proof quickly, you can have your foreclosure in Long Island delayed or even stopped.

Another tactic: When you took out your mortgage, you signed a document that said you understood you were obligated to pay the mortgage as agreed upon by you and your lender. This document is called a “note.” Unlike the actual mortgage itself (which is recorded in the office of the county clerk), the note isn’t recorded – it’s kept by your lender. Yet without this signed note, your lender can’t prove that you have the legal obligation to pay the mortgage.

So, if you’re going through a foreclosure in Long Island, ask the plaintiff to produce the original mortgage note. The plaintiff must produce this note if you request it.

Some LI foreclosure courts allow the lender to show an electronic copy; but others insist on seeing that original note. Once again, the recent fixation by banks and other lenders to repackage and resell mortgages may mean your own note has gotten lost somewhere. Asking the lender to actually produce it in court could mean a delay – or even cancellation — of your foreclosure in Long Island.

Your lender also may be more willing to work on a loan modification with you, a happy result for you if your lender can’t a) prove it has the legal right to foreclose on you and/or b), produce the mortgage note.

Still, you should never try these strategies on your own. Contact us immediately when you’ve discovered your lender is aiming to foreclose upon your property. We look forward to being of service!

RealtyTrac.com predicted in January that about 1.2 million homes would be foreclosed upon in 2011. As for Nassau County, RealtyTrac.com reported in June 2011 that 428 homes received foreclosure notices that month. It’s obvious that many people need foreclosure help in Nassau County.

Foreclosure “happens” often due to divorce, death of a spouse, job loss, serious illness and/or injury, even relocation (a homeowner who has lost his or her job needs to move to another location far from home in order to find employment). Regardless of the reason, foreclosure is nothing anyone wants to experience.

As people in the early stages of losing their homes look for foreclosure help in Nassau County, here are some of the strategies they’re using and the programs they’re researching.

Many people first turn to the government for help in stopping foreclosure. Unfortunately, the government-run loan modification programs aren’t for everyone. The process can be long and very detailed.

Other homeowners have turned to professional foreclosure help in Nassau County, contacting foreclosure attorneys for assistance in stalling or even stopping the process.

If you decide to contact a foreclosure lawyer, he or she may recommend one or more of the following options.

• Filing bankruptcy (this will stop foreclosure proceedings immediately until the bankruptcy process is completed and may allow you to keep your home after its complete, depending on your individual situation).
• Working with your mortgage lender to modify your monthly payment and/or interest.
• Negotiating with your lender on your behalf to lower the principle on your loan.
• Working with the holder of the mortgage to see if you can sell the home via a short sale. If your bank agrees to this, the bank will accept a sales price of less than your loan amount.

Working with a professional for foreclosure help in Nassau County can save you tons of anxiety and even money. A foreclosure attorney such as Ronald D. Weiss, P.C. can provide you with the best options for your particular situation. We will help you throughout the process and you have our assurance that your needs will be at the forefront of our minds. Contact us today!

Bankruptcy has a very bad reputation among most people. And with good reason — it’s really not something one should enter into lightly. Yet many myths about bankruptcy still make the rounds of "accepted wisdom. As well-respected bankruptcy attorneys in Nassau County, we’d like to dispel some of them.

Bankruptcy Myth 1) If I file for bankruptcy, I’ll lose all my assets. This is false. While you may have to sell some of your assets, you may not have to sell all of your assets. The type of bankruptcy you file plays a major role in what assets you’ll have to sell (such as your home) in order to start making good on your debts. Chapter 7 bankruptcies often allow you to keep many of your assets, while a Chapter 13 filing allows your to "reorganize" your debts as you come up with a repayment plan to your creditors. Talk to your bankruptcy attorney.

Bankruptcy Myth 2) I’ll still get harassed by debtors. This is false. In fact, the great thing about filing for bankruptcy is that the law grants an automatic stay on all of your outstanding debts. Which means creditors are not able to collect on your debts. No more harassing phone calls!

Bankruptcy Myth 3) I’ll never get credit again. Again, this is not true. But — this is important — it may not be easy for you to get credit. However, many banks now offer credit on a secured basis for what they consider risky customers (if you’ve filed bankruptcy, that makes you risky). In this scenario, you would put some money upfront to the bank as security. Once you’ve proven your ability to pay, your credit limit will grow higher.

As for mortgages, if you file Chapter 7, you could be eligible for a home mortgage in as little as two years, depending on your financial stability

Bankruptcy Myth 4) I won’t be able to file bankruptcy again. This also is false. As bankruptcy attorneys in Nassau County, we’ve seen it all and we have seen people file bankruptcy more than once. We don’t recommend it, of course, but filing once doesn’t make you ineligible to do so again when your situation warrants it. There’s absolutely no part of the U.S. Bankruptcy Code that prohibits multiple filings. Subsequent bankruptcy filings are a bit different than your first; talk to your bankruptcy attorney for more information.

Are you facing a mortgage foreclosure in Nassau County? Here’s a short primer to help you understand what you’re up against.

When you took out that home loan, you essentially gave your lender what commonly is called a mortgage (some states call it a deed of trust). By doing so, you gave the lender a "security interest" in the house. Meaning that if you don’t make your monthly loan payments, your lender has the full right to start proceedings for mortgage foreclosure. Nassau County homeowners, however, are fortunate because you might be able to negotiate payments so that you can keep your house because banks generally don’t like to foreclosure on homes.

If you can give your bank a better option, you could save your house.

Here’s what you should do first:

If you’re finding yourself on the brink of mortgage foreclosure in Nassau County, you’re more than likely facing other big financial problems. If this is the case, sit down with yourself and put on paper some ideas you can explore.

Place everything under consideration. And we mean everything:

1. Has a job loss, health scare or other financial crises helped you get to the point of considering mortgage foreclosure in Nassau County?
2. If you’re facing a big financial crisis, is there any chance it might be short lived? If you lost your job, are you hustling to find a new one? Or have you become disabled and therefore won’t be able to earn as much as you did before?
3. Do you have much equity in your home? Are you "underwater" in your mortgage (is your home loan greater than the current value of your home?).
4. Must your housing needs be met via home ownership? Would becoming a renter help you meet your budget while accommodating your family’s housing requirements?
5. Have you discussed a loan modification with your lender? Your bank may be willing to change your mortgage’s payment terms (such as letting you pay lower payments but over a longer period of time, or lowering your monthly payments in exchange for a higher interest rate over a longer repayment period, etc.)
6. Have you looked into selling your home, either via a standard sale or through short sale (in which your lender agrees to take sales proceeds that are less than the amount of your home loan)?
7. Have you considered filing bankruptcy in order to eliminate or reorganize your debts?

You’ll definitely need to speak with a good attorney who specializes in mortgage foreclosure. Nassau County has many good ones from which you could choose, including Ron Weiss of NY-Bankruptcy.com. Contact us today!

Google the term “Long Island bankruptcy lawyer”, and you’ll get about 159,000 results (without quotes, it zooms to a whopping 400,000!).

So how are consumers supposed to narrow down the overwhelming amount of choices and find the best Long Island bankruptcy lawyer for their unique situation?

While there are a slew of websites that abound in offering advice on finding the best lawyer for you, we offer a very simple method – one that works well for any situation, including finding the best Long Island bankruptcy lawyer for your particular needs.

This 3-P method of inquiry breaks down what can seem like an arduous and time-consuming task into very doable ‘baby steps’:

PROBLEM:

The first step in getting started is to determine exactly what your problem is. While this might seem relatively simple at first, you might be surprised at what you find.

For example, you might be having problems making your monthly mortgage payment, and feel that your only choice is to file bankruptcy. You “assume” you’ll need a Long Island bankruptcy lawyer.

But what if the reason you’re struggling to make your mortgage payment is really because of high credit card balances and/or interest rates, or that your adjustable mortgage rate skyrocketed and is now unaffordable?

In these two cases, you might be better served by an attorney who specializes in debt consolidation and reduction for the first scenario, and a lawyer who is adept at negotiating loan modifications for the latter.

PROWESS:

Let’s face it:  Experience does count – especially when your fate is in someone else’s hands.

Regardless of the specialty – whether you need a Long Island bankruptcy lawyer, personal injury lawyer, or an attorney who specializes in real estate matters, you need to do your homework and check credentials, backgrounds, and references.

Here is a quick checklist:

Education:  Where and when did the attorney graduate law school?

Experience:   How long has the attorney been practicing law, and how long in the specific area you’re considering hiring him for?

Credentials:  Is the attorney currently licensed to practice law, and if so, in what states?  Are they a member of the American Bar Association or the State Bar Association?  Do they have any additional memberships or affiliations? 

References:  Ask for references – both from current and former clients.

PERSONABLE:

Lastly, there’s the human factor. Despite a great education and years of experience, it’s also extremely important that you feel comfortable with your new attorney. If you feel rushed, or that you’re not being heard, it may be a good idea to listen to your gut and look elsewhere.

By following the simple 3-P method of finding legal help, you can take heart in knowing that you’ve done all you can to make an informed decision. Whether you need the services of a Long Island bankruptcy lawyer or a family law attorney, the 3-P method can help narrow down the choices, so you can find the right attorney for you.

One of the most feared aspects of Long Island bankruptcy proceedings is the “341 Meeting” with creditors. This name is derived from the section of the Federal Bankruptcy Code, 11 U.S.C. 341, that requires a meeting to verify your financial information under oath. These meetings are usually scheduled around 30 days after the bankruptcy petition has been filed.

Most consumers approach this meeting with a sense of dread or apprehension, and one of the biggest reasons for that is the fear of confronting the creditors. However, creditors usually do not appear at this meeting (although they have the right to later contest or dispute any information given in their absence.)

If you have doubts about who will be at the meeting or what will occur, your Long Island bankruptcy lawyer can meet with you ahead of time to discuss the potential events that are likely to unfold, and can answer any questions you have in more detail.

Another common fear is the mistaken belief that you will have to appear before a judge. This is incorrect, as 341 Meetings are presided over by a bankruptcy trustee, not a judge. The trustee will oversee the meeting and ensure that responses are formally put on record.Rest assured, your Long Island bankruptcy attorney will look out for your interests, and advise you as necessary throughout the process.

One of the most pleasant surprises petitioners encounter is that 341 Meetings are usually short (sometimes lasting under five minutes!). While it is a momentous event to you, it’s really just a matter of business as usual for the trustee, who can hear upwards of 20 cases an hour if things go smoothly, as well as your experienced Long Island bankruptcy lawyer who will guide you through the day’s proceedings.

Remember – despite your apprehension, you’ve come this far in the process, and the 341 Meeting is just another step along the path towards financial recovery and freedom. By working with an expert Long Island Bankruptcy attorney, you’ll finish the day that much closer to the final outcome – a fresh start towards regaining your financial footing in life.

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Tests. Not only are they a dreaded part of high school, they also play a critical role in determining eligibility for filing Chapter 7 bankruptcy in Long Island.

Chapter 7 – also known as liquidation bankruptcy – is used for those consumers who have few assets and/or limited means to meet their financial obligations.

Many people mistakenly believe that if they own a valuable asset (such as a home), that they are disqualified from filing Chapter 7. Conversely, some people may think that because they have what they deem to be little disposable income left over at the end of the month, they’re automatically eligible to file for Chapter 7 bankruptcy in Long Island.

There is no hard, fast rule that denies homeowners the right to file for Chapter 7 bankruptcy in Long Island (nor conversely automatically grants those with limited discretionary income protections under Chapter 7 either.)

Instead, the Bankruptcy Court relies on what is known as the Means Test – a formula that takes numerous factors into consideration and then calculates whether a debtor qualifies to file for a Chapter 7 bankruptcy in Long Island.

A Means to an End: Your State’s Median Income

The first step to getting started in implementing the Means Test is to determine whether your income is above or below your state’s median income. In NYC, for example, if you are below the state median then you automatically qualify to file Chapter 7 bankruptcy in Long Island.

If you are above your state’s median, then you’ll need to complete the Means Test in its entirety. The Means Test is merely a formula that deducts certain monthly expenses from your current average monthly income to determine your final official level of disposable income.

Why Use the Means Test?

The purpose of the Means Test is to delineate those who earnestly cannot pay their debts, from those who have some means to do so. Many people want to file a Chapter 7 bankruptcy in Long Island, believing that it will erase all of their debts. While this can sometimes be the case, there are also many instances where this is not so.

Furthermore, for those with assets such as a home, Chapter 7 may not be the right solution for you. Only by working with a competent attorney who handles Chapter 7 bankruptcy in Long Island will you be able to determine which filing is right for you.

With the slew of mortgage modification programs available today, how can homeowners choose the best one for their respective situation? How do you know if a mortgage modification program is right for you, or if there is indeed some other better alternative out there?

Oftentimes, homeowners feel that conceding to foreclosure or even bankruptcy are the only viable alternatives available to them. But with today’s economic stimulus packages, however, hope is at hand. The government sensibly realizes that home ownership fuels national economic stability, so they’ve created numerous mortgage modification programs that can give you the breathing room you need and help you regain your financial footing

A mortgage modification program may indeed be right for you, but as with any government program there are regulations and criteria. Most programs require owner occupancy (i.e., not a rental or investment property), and preclude the borrower from having a large amount of unsecured debt (i.e., credit card debt.)

But don’t despair, because even if you have substantial unsecured debt, there are other types of mortgage modification programs that exist to help you as well (usually with the caveat of mandated consumer credit counseling.)

An exorbitant monthly mortgage payment can truly be an albatross around your neck – the one thing weighing you down and holding you back from gaining traction to shore up your financial footing. Whether you’re a victim of a balloon payment come due or an astronomical rate adjustment, the right mortgage modification program can tame that savage beast and give you financial peace of mind.

We invite you to contact us today and let us show you the array of mortgage modification programs that are available to you, so you can put your financial worries to rest and start living a better tomorrow – today.

Which One is Right One for You

There are many bankruptcy lawyers in Suffolk County, so how do you choose the best one for you? How do you sift through all of the possibilities, and find the one that will best fight to protect your interests? The one that will always give you the best legal counsel, while treating you with compassion and respect?

Many people facing financial difficulties tend to become paralyzed with fear, and wait so long to seek help that oftentimes bankruptcy seems like the only solution. Sadly, many bankruptcy lawyers in Suffolk County are happy to steer their clients down that nice, tidy, formulaic path, because doing so often involves far less work than sitting down with a client and educating them about the many options available to them (as well as the correlating benefits and repercussions for each option.)

At the Law Offices of Ronald Weiss, however, we do things a bit differently. We’re among the best bankruptcy attorneys in Suffolk County because we believe in taking the time to truly converse with you, our potential client – to get the facts unique to your specific situation. Only then do we begin to strategize to custom-tailor a plan specifically for you.

So remember, when it comes time for you to choose from among the many bankruptcy attorneys in Suffolk County, choose wisely. While all men may be created equal, all bankruptcy attorneys in Suffolk County are not. Call the Law Offices of Ron Weiss today, and let us show you the many options available to you.

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Long Island foreclosure lawyers and bankruptcy attorneys are reporting that they are finding a large increase in the number of people consulting them about loan modifications. The need for loan modifications is understandable, given the current economic climate.  Also the fact that financial institutions are realizing that while loan modifications may result in a lowering of their profit margins, are willing to accept this as being better than no profit or even a loss.

When a borrower defaults on loan repayments and the property is foreclosed everyone involved loses. The borrower has lost his house and financial institution is left with a property that will be next to impossible to sell at a profit. Lenders are not interested in the property – their business is to make profits from lending money.

If banks and finance companies are willing to offer loan modifications as a way of avoiding foreclosures, what’s the problem? Shouldn’t the homeowner just grab anything that may ease the financial burden and give them a chance to keep the house? Unfortunately it’s not quite that simple.

Even when they have no choice but to ask for loan modifications, the financial institutions will try to attain the maximum benefit they can from the revised terms. There’s nothing wrong with that – it is their job to make money where they can. But what seems to be benefiting the homeowner may not be the full picture. Let us take just one example given by the NACBA or the National Association of Consumer Bankruptcy Attorneys – when loan modifications are done, less than 10% of the modified loans result in the principal loan balance being reduced. What may seem to be a benefit may not really be. Since it is a business negotiation, homeowners should always negotiate for the best possible repayment terms they can get.

It seems the residents of Suffolk and Nassau Counties are discovering the complexities of loan modifications now being offered and negotiated. That is why consulting a Long Island foreclosure lawyer has become an important part of any loan modification discussion. A Long Island foreclosure lawyer will understand the long term implications of the modifications and advise you what is in your best interest and what is not. With expert legal advice, you can negotiate the best possible loan modifications.

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