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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New York State is far from immune to the problems of bankruptcies and foreclosures. Even the up market areas of Nassau and Suffolk Counties are finding this to be a growing problem.  This is a problem that is hurting mortgage companies and banks, as much as it is hurting the financially distressed home owner. When a foreclosure occurs, no one wins.

That’s why financial institutions are now actively pursuing the option of mortgage modifications as a means to allow people to retain their homes. Mortgage modifications are meant to reduce the financial burden on the homeowner and allow him to continue to remain in possession of his property, while paying off the mortgage at a more convenient rate. Often the total amount of the outstanding balance is also reduced to make the payments more workable. This is not charity on the part of the financial institutions. Mortgage modifications may result in a lowering of their profits, but a reduced profit is better than no profit or the loss you would suffer when a foreclosure takes place.

It is important for homeowners to understand that mortgage modifications are a business practice and not just blindly accept whatever restructuring the financial institutions offer. This misplaced sense of gratitude that homeowners show when offered mortgage modification is something that finance companies use to their advantage.

Always remember the mortgage modifications are being offered because it is in the interest of the finance companies not to foreclose on the property. When a foreclosure happens you both lose. If you are looking for or being offered mortgage modifications, you need to be clear of what it is you are getting and what is expected of you. This is business, so don’t be afraid to negotiate hard.

Mortgage modifications can com with complex issues and many people in the Nassau and Suffolk areas are contacting Long Island foreclosure lawyers for advice on the mortgage modifications being offered to them by the financial institutions. It is not just a case of trying to prevent foreclosure for Long Island residents. The financial institutions want to salvage as much for themselves as they can from the situation and while the mortgage modification terms may be better than what you originally had, they may not be as good as what you can negotiate for.

Consulting a Long Island foreclosure lawyer will enable those involved in the mortgage modification process to make sure that the new deal they are getting is the best one available and that there are no hidden issues that could cause problems later on.

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Over the last few months we have seen what can happen not just to homeowners, but to the economy of a country, and even the world, when mortgages go wrong. Even the residents of affluent areas like Long Island are suffering. One might have thought mortgage problems would be more manageable. The number of people consulting foreclosure lawyers in Nassau and Suffolk Counties has seen a big increase.

In mortgage modifications & negotiations, people tend to focus on the interest rate. While this is a critical factor and needs to be given ample attention, there are other factors that are often overlooked and can cause as much harm.

When you are shopping around for a mortgage, always ask for a no obligation quote.  This will allow you to avoid revealing your income details to everyone and keep your credit rating from being subjected to too many lender inquiries. At the same time, when you have to provide income details, make sure they are accurate and verifiable. Mis-stating your income even once, can affect your credibility and how much the mortgage is going to cost you.

If your credit is not the best, do not allow lenders to use that to push you into excessive interest rates, fees and unfair conditions. Be up front about your credit rating and sooner or later you will find a lender who will be genuine in their efforts to give you a fair deal.

Remember, you have a right to question the need for any condition that does not seem fair or necessary to you. It is the lenders job to convince you of why it is required. Shop around for mortgage offers and study comparisons. You will find wide variations in the terms and conditions. If need be, get an expert to tell you what is right for you. A mortgage with a low interest rate, but impossible conditions can cause several problems.

Consider the penalties for things like defaults and prepayment very carefully. This is where many of the pitfalls are hidden during mortgage negotiations.

Also, remember knowing what to avoid is not the same as being sure you get the best. That’s something that should be left to experts like Long Island foreclosure lawyers who know more about mortgage negotiations and their complexities and ramifications than others. They have seen what happens when a mortgage goes wrong and are the best ones to point out where you should look for additional benefits and where the dangers lie.

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Many people labor under a mistaken impression that bankruptcy means a person has lost everything. Far from it. Bankruptcy means that a person is having cash flow problems and is unable to repay their debts.

Bankruptcy law firms in Nassau County are reporting that people who are facing bankruptcy, and who are unaware of the governing laws often lose far more than they need to.  Bankruptcy is a complex issue, and now, with the recession making things even worse people are on edge about their cash flow and retirement funds.

Nassau bankruptcy lawyers, say that most people are unaware of the protections offered to them under bankruptcy laws. It is common for people facing bankruptcy to liquidate their 401(K) and other retirement savings in an effort to pay off creditors and prevent bankruptcy. What they do not realize is that they are doing themselves more harm than good by these actions. In most cases, these funds are not enough to pay off the outstanding debts, and the partial clearing of debts does not stop bankruptcy proceedings. Also, the sudden liquidation of the retirement funds places a needless tax burden on the debtor.

Retirement savings should not be liquidated in bankruptcy cases.  Most forms of retirement savings are not affected by bankruptcy since they are not considered to be part of the estate which is liable for paying the debt or are exempt from creditor claims.

Various laws passed over the last few years have also offered additional protection to those facing bankruptcy. The trouble is that people either do not know about them or are unable to grasp the intricacies and appreciate the amount of protection they are entitled.

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Speaking recently before the Senate Banking Committee, Federal Reserve Chairman Ben S. Bernanke presented a sobering view of the economy. Mr. Bernanke said if, and the key word here is IF, the actions of the new administration are successful in bringing back financial stability and restoring consumer confidence, 2010 may be the year of recovery.

Obviously he could not make any rash promises. The point of contention is that the rescue packages and stimulus plans are a great leap into the unknown. Everything sounds good in theory, but how it will actually work in practice is something that people can only predict, not guarantee. Even as Mr. Bernanke appeared before the Senate, reports of falling housing prices and collapsing consumer confidence kept getting worse.

New York seems to be one of the most affected states, with bankruptcies and foreclosures on the rise. Bankruptcy law firms in Long Island NY are receiving and ever growing number of calls from people looking for protection to help them retain what little they have left in the face of this disaster.

The fact remains that while all the long term plans for economic revival sound great, the average American family is not looking towards the next year. Rather, they are wondering how to survive the next month. Certainly, lower gas prices have helped and elevated levels of consumer spending have kept the economy afloat, for the most part. But foreclosures and bankruptcies continue to rise. Gas prices have maintained low price along with other day-to-day expenses. The logic is, money saved on day-to-day expenses should be used to pay off mortgages and other debt, but this does not seem to be happening. Perhaps this is because we, as a society, are very dependent upon credit.

With people caught between a rock (bankruptcy) and a hard place (foreclosure) it’s not easy to decide which way to go. And with no immediate resolution to our economic woes, unpleasant decisions need to be made and made soon.

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Big Oil has always been a popular whipping post for many of the economic ills that have affected this country over the years. But what has happened over the last one year has not been their fault, sure, they made most of the easy money that was available, but then who didn’t? True, the oil companies made huge profits when they could, but this was the American way and while we grumbled at the prices of gas, that was about all we did.

Today, we have the lowest oil prices we have seen for years. And they look like they are going to stay that way for some time. There’s nothing the oil companies can do about it. Put up the prices even by one cent and the demand will drop in a way that will offset any gains they could have made from the increase.

In a way, low oil prices are not good for us. The reason the prices are low is because of a world wide recession, the demand has fallen to level far below the supply. Producers around the world have had to cut back on production to try and keep oil prices at some reasonable level. I guess you could say the current prices of gas are reasonable.

But is this low price helping us? Sure, it means that less money is flowing into the gas tank and out the exhaust. And in today’s conditions any savings is welcome. But the savings are not enough to ease the pressure on the average American family who are faced with lowered incomes, lack of job security and a fear of what the future will bring. A saving of even $100 a month on gas expenses will not help in a major way towards paying off a mortgage or averting bankruptcy.  In New York, bankruptcy attorneys in Suffolk County and Nassau County are reporting a noticeable rise in clients requesting financial hardship assistance.

 It will not surprise many people that the dismal economic forecast is causing many businesses and individuals to make cutbacks. Middle class Americans are struggling to make ends meet, and the resulting decrease in spending passes their hardship on to retailers, corporations, and other former recipients of discretionary spending. What may be surprising, however, is how widely the ramifications of this pattern may spread. Even professional athletes, who have long been at or near the top of the economic hierarchy, are beginning to feel the pinch.

While the plight of a millionaire may not engender sympathy from those folks packing the waiting rooms of foreclosure attorneys in Suffolk County, it is still worthwhile to examine the emerging trouble of these athletes. Late last week General Motors announced that they were no longer going to be sponsoring Tiger Woods, and while this is not a devastating blow to someone pulling in over 100 million dollars a year in endorsements, it does indicate the state of despair at General Motors. It also likely presages a major modification of professional sports.

Sports agents are having an increasingly difficult time finding endorsement opportunities for their athletes, and likewise team owners are becoming unable to fill ad space at their arenas and stadiums. As consumers struggle, they not only stop purchasing licensed team gear and apparel at high rates, but they also stop pumping as much capital into the companies that advertise with their favorite teams. As the revenue stream dries up, cutbacks must be made at every level along the line.

Team owners who for years counted on a steady influx of advertising dollars may now see their profit margin begin to shrink. As this lack of profitability spreads, we will be far less likely to see players make 10 million dollars a year to sit on the bench. Additionally, as the promise of advertising dollars that caused major battles between networks over broadcast rights for certain sports disappears, it is almost inevitable that the expensive NFL or NBA television contracts will become far less attractive. This will in turn lower the level of exposure that teams and athletes have, which will further diminish their economic viability. Companies are not going to pump advertising dollars into a stadium that will never be on a national broadcast or cable channel, nor into a player who is virtually unknown outside of his local area. The result of this will hopefully be an outreach effort by teams to increase local attendance and enthusiasm. The practices of stations blacking out broadcasts of local teams and owners charging five hundred dollars for football tickets may become a thing of the past. Outrageous salaries will also likely become a historical footnote, which in turn will likely make athletes more accessible to their fans. The fundamental changes that appear to be coming to middle class American workers are going to drastically reshape the economic landscape for years to come. Things that we take for granted may disappear, and things we never thought possible may become normal parts of life. As more people become unemployed, and as less money is available for everyone, even the richest athletes will face drastic changes in their respective worlds. As all unsustainable patterns do, the professional sports financial bubble seems to have burst. –

Okay, we all know we do it: as Americans, we get pretty set in our ways.  We are accustomed to our particular ways of life, and we notice and raise heck immediately when a change is made.  While at first this might seem like a detrimental factor, it is probably something that keeps our country mostly honest and successful.  We all want the good life, and we’ll work very hard to achieve it; whatever that means for each of us as individuals. With that said, it is surprising that more Americans are not aware of the sneaky little marketing and packaging ploys that are being enacted all across the country.  Since our economy began its slide down this long economic hill, some practices have been established that are shady to say the least.  With all this talk about bear markets and bull markets, elephant parties and donkey parties, we’re missing what the wolves are doing. 

Let’s start with the cost and packaging of food as one example.  The wolves know that Americans notice if the cost of groceries increases even nominally.  We depend upon steady prices in order to maintain our budgets.  So when the cost of transportation and other services went up, grocers knew they had to pass on the increases to consumers.  But they had to do it without anyone noticing, and they knew precisely how to do it.  You know the 24oz box of cereal you buy for around $4?  Well, the packaging looks the same, and the price is the same, however, guess what?  It’s now only 20oz.  There’s no notice of this, of course.  Just a subtle change that causes you to wonder why it seems like the box is empty sooner.  But hey, you’re paying the same amount, so for the most part, you don’t notice.  The problem with this complacency is that the grocers have done this just about all groceries.  The normal content of just about everything has been reduced, while the price stays the same.  So as a whole, you’re taking a pretty big hit when you go to the supermarket, considering that you’ll be there again sooner than expected. 

This is not only occurring in the supermarket.  In the car sales industry, there are similar tactics at work.  Take for example traditional deals like $2000 cash back on the purchase of a new vehicle.  This has been a standard incentive at most car dealerships for quite literally decades.  But suddenly, the deal has changed.  That cash back award has been changed to a $1500 gas card.  The wolves figure that because gas is such a prominent topic today they can appeal to our desire to obtain the most “bang for our buck.”  They count on the fact that we won’t consider that we’re getting $500 less; that if we could still get the previous deal, we could buy $2000 worth of gas.  In this, the wolves are right, because very few people are really noticing.  In fact, gas cards are quite popular incentives with many major and minor purchases now.  So, before you lay your cash down or swipe your card, take a look at the content of what you are purchasing, and look for changes.  It might not make you happy, but at least you will be aware of what’s happening, and be able to account for that in your budget.  This simple step of awareness can be quite beneficial.  Especially for people in high cost of living places like New York, it could go a long way to preventing financial trouble such as a bankruptcy and foreclosure.

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