• - Financial hardship – Serious financial circumstances leave you unable to afford your mortgage.
• - Monthly income shortfall –You cannot afford or soon will not be able to afford your mortgage.
• - Insolvency – You do not have the liquid assets that would allow you to pay down your mortgage.

Over the last generation, private employer-sponsored retirement plans have replaced traditional pension benefits programs. This was fine while the going was good and the economy prospering.  The biggest advantage of the plans was that they were so easy – the contribution was deducted from the salary, so not only did people not miss the deduction, they had to do nothing themselves. The problem is that with things so automatic, people did not ever think about what was going on with the money they placed in these plans. Everyone presumed that it would magically appear upon retirement to take care of their post-career days.

Unfortunately, this is the real world and there is no room for magic. The banking and stock market collapse of the last few months has caused huge erosion in the values of 401(K) plans and other retirement funds. People, even in up market areas like New York’s Nassau and Suffolk counties are suddenly finding themselves bereft of any form of financial security for their post employment life. While younger workers are actively looking at other savings and investment options, those closer to retirement have little time to find a viable alternative that will allow for adequate resources to accumulate by the time they retire.

As a result bankruptcy and foreclosure have become major concerns. These are frightening terms for most people. Rather than bury our heads in the sand, it is better to face up to the facts and find solutions and remedies to the ills that the loss of savings has caused. And the best way to do this is to contact a local bankruptcy lawyer. It is never too early to start protecting yourself from the consequences of the losses you have suffered through no fault of your own. Bankruptcy is not the end. It is merely a stage in our financial life and a good bankruptcy lawyer will be able to help you get over the hurdle with the minimum of difficulty and assist you in finding ways to repair the financial damage inflicted on you.

If loss of your savings or other impacts of the ongoing recession have caused you problems with your mortgage payments, contacting an experience foreclosure lawyer in your area is something you should not delay. Foreclosure is a complex issue and with the government implementing innovative programs to help people who are having mortgage problems. Seeking help from an expert may be able to help you to stop home foreclosure.

–

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.

Facing foreclosure can be a terrifyingly confusing time. You are filled with doubts, not the least of which is where you and your family will live, and how you can possibly make it after the process is complete. This is a normal reaction, but not a particularly helpful one. If you are facing foreclosure, the most important thing to do is to step back, take a deep breath, and not panic. Even after the foreclosure process starts you still have multiple options open to you- you can probably still save your house. This, however, will be impossible if you do not know exactly where you stand and what courses of action are still open to you. Making a poor decision based on fear or ignorance can be fatal to your cause, so here are a few basic things to remember if you are in this unfortunate (but not intractable) situation.

The most important thing that you can due to improve your chances is to know exactly what your options are, and what the laws in your state regarding foreclosure allow. There cannot be enough emphasis placed on the importance of hiring an attorney with foreclosure experience in your area to both educate you, as well as advocate for you. Since the laws regarding foreclosure differ from state to state (you have different options in Suffolk County Long Island than you do in Broward County in Florida) it is imperative that your counsel is local. Once you speak with your foreclosure lawyer you will have a real, accurate picture of your situation and hopefully some much needed peace of mind.

Another way to improve your situation is to under no circumstances stop making mortgage payments. You are being foreclosed on because you are behind on your payments and the bank has felt the need to take extraordinary action. It is not the end of the process. Chances are that if you keep yourself in a position to have negotiating power with your creditor, the overall outcome of the process will be much more palatable.

You should also never fail to communicate with your creditor. Unless they are a loan shark, they will not yell at you or threaten you unduly. One of the biggest mistakes that people make is to avoid communication to avoid further pain, or to avoid making the situation worse. The quickest way to deteriorate your standing in the foreclosure process is to try to disappear.

Almost equally important as hiring a qualified foreclosure attorney is to not lose hope. There is almost always another option or opportunity to mitigate your losses and begin improving your life. It is also important to remember that the bank does not want your house- they want to recoup the money that they lent to you. Having to deal with taking your house is something that they will take pains to avoid- it makes the process of recovering the money they are owed much more complicated and uncomfortable. Keeping this fact in mind will help you retain hope and continue to look for solutions.

The foreclosure process can be fraught with peril if you approach it the wrong way. Not only is it scary and confounding, but there are also unscrupulous people and scam artists that will try to take advantage of your uncertainty. If, however, you retain competent and knowledgeable counsel, understand your options, and keep your chin up, you can still help yourself attain a positive outcome.

–

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.

–

With the holiday season nearly behind us, the news concerning retail sales- considered a health indicator of the economy- is grim. In fact, it could actually be stated that retail sales were predictably stale. Americans have financially battened down the hatches. First, there were the outrageous gas prices that hit hard. We learned quickly to restrict our energy consumption as a result. Gas prices are now exceptionally low, and we are retaining that frugal and conservative state of mind. Grocery prices went up, so we learned how to make food go further. There are plenty more examples demonstrating the ways Americans have changed their views on money. In fact, the most significant adjustment we have made is that we have begun selling ourselves- literally.

With the holiday season nearly behind us, the news concerning retail sales- considered a health indicator of the economy- is grim. In fact, it could actually be stated that retail sales were predictably stale. Americans have financially battened down the hatches. First, there were the outrageous gas prices that hit hard. We learned quickly to restrict our energy consumption as a result. Gas prices are now exceptionally low, and we are retaining that frugal and conservative state of mind. Grocery prices went up, so we learned how to make food go further. There are plenty more examples demonstrating the ways Americans have changed their views on money. In fact, the most significant adjustment we have made is that we have begun selling ourselves- literally.

This trend of selling is blazing a widespread path across the country. Online auction sales are up by record numbers as people race to raise needed cash. Postings for items for sale on sites such as Craigslist have exploded, and even items in states of disrepair are being bought and sold every day. Sites that list items for free have experienced growth in listings and new members that was entirely unplanned for. Companies are selling stock. Luxury items such as paintings and gold are suddenly not as luxurious to Americans as the cash value of those items. Women have flocked to Las Vegas for employment in brothels. Participants in lab or medical experiments are on the rise, as are donors of eggs, plasma, blood, and sperm. Already busy families are starting businesses or finding other means of procuring additional income streams. A story even surfaced recently of an elderly woman selling vegetables from her indoor gardens as a means of preventing foreclosure on a Nassau County home. In summary, we are selling our possessions, our bodies, and our time.

Selling on this level is fairly new for Americans. Categorically, we all possess copious amounts of unneeded, unused, and unnecessary belongings. So why not liquidate them? Those items you’ve had in storage but not touched in years? Sell them. That little-used extra car, boat, or other recreational vehicle? Sell it. An attic or basement full of yard sale worthy items? Liquidate them. It might be difficult at first, but ridding yourself of things that you don’t need or use can be exhilarating. Furthermore, you may be helping someone immensely by offering them your used item at a lesser price than one would have to pay for it new. These lessons are hard ones to learn because we are accustomed to living such decadent lives. However, there is a feeling of empowerment that develops when one conserves, reduces, recycles, reuses, and refuses things that one simply does not need. Being self-sufficient is something to be proud of.

So why not make selling a part of your New Year’s resolution? All those items you have cluttering your house, your garages, barns, and closets, may just bring peace of mind in the form of a cash infusion. To supplement this, you will most likely find that getting organized and cleaning things up will help you to concentrate on what is really important- the health of you and your family. This means your emotional, physical, and your financial health.

–

The economic woes of the United States have been at the forefront of the minds of nearly everyone. Magazines feature countless articles about the deteriorating economy, blogs express frustration and opinions on the bad financial decisions made on Wall Street, and the television reminds us daily that things are going to get worse before they get better. Each month, more and more people are seeking the advice of foreclosure attorneys in Nassau County and Suffolk County. Companies are folding, and jobs are being lost. The price of practically everything is steadily increasing. As Americans, most of us are very unaccustomed to a restricted or severely limited budget. For this reason, there tends to be this general feeling that things are very bad right now in our country. However, this is not the case in reality, and with the holidays upon us, we could all use a reminder of what we still have.

In the next few days, families will be gathered all across the country. We’ll have lovely dinners together, gifts and smiles will be exchanged, and there will be plenty of wonderful holiday parties to attend. We’ll do what we do every year: we’ll stuff our faces with turkey and ham, candies and cheeses; we’ll knock back a few glasses of eggnog, and we’ll spend a little bit more than our budget might allow on gifts for those that we love. And even though we know it will hurt the wallet and the credit card later on, we will take great joy in doing it anyway.

While all these joyous and fun activities are occurring, it might be wise for us to step back and examine what we really have. For most of us, we have our families, and we have our health. We still drive our cars, talk on our cell phones, and retire each night to watch cable or satellite television. We still eat well. Even those whose homes are foreclosed upon have somewhere to go- there are family, friends, shelters, and inviting places all over the country that will house and feed those in need. We still eat out, and the drive-thru lines at most fast food restaurants are still crowded most of the time. We take warm showers and baths; we sleep in warm beds and snuggle with our pets and loved ones. We email and chat, we video-share and play games, and we listen to music. We watch movies and cook popcorn with extra butter; we go out every so often and have a beer or a cocktail. When we see the Salvation Army Santa Clause we drop our spare change in his bucket.

The point is that yes, times are tough. But are they really so bad? We still have just about everything we had before. And if we lost something as a result of all of this, then thankfully we live in a place where we can rebuild if we have the ambition and the drive to. Because the truth of the matter is that we’ve still got it pretty good. All over the world, children and even entire families will suffer and starve while we celebrate with those closest to us. The wars that rage across the world do not stop while we enjoy our holiday fun. So perhaps this holiday season we can all give ourselves a gift that will make us feel much better: we can dig a little deeper in our pockets for charities, and we can realize that we’re going to be just fine.

–

Every January, as we begin a new year, we also begin a new period of change. Many of us firmly set New Year’s resolutions for things like weight loss, smoking cessation, and perhaps to eat a more healthy diet. Sometimes we stick to these resolutions, and sometimes we don’t. In the coming year, however, we have unprecedented challenges ahead of us that will require dedication and a desire for genuine change on the part of everyday working Americans. So while it is important to resolve to better your physical and emotional health, it will also be vital to better your financial health. This is especially crucial for the many people that have sought the help of qualified foreclosure attorneys in Long Island. Often, foreclosure can be prevented, and by making some financial changes in the New Year and sticking to them, you may be able to avoid foreclosure altogether.

Part of your resolution plan should be to create a comprehensive budget. Be sure to include all of your expenses: the cost of entertainment, lunches and eating out, gifts for family and friends, clothing, salon appointments- all of these types of items often are not included in a person’s budget, and can account for a vast amount of money. Therefore, don’t just calculate the large items like mortgage payments and insurance. Sometimes, you might even find that those “little” expenses total up to more than some of the bigger ones.

Once you have accounted for every one of your expenses, the next step is to determine ways to reduce or eliminate those costs. For example, many people spend nearly one thousand dollars a year on their morning coffee. To spend several thousand each year eating out is also terribly common. These are two examples of expenses that can be easily reduced, or even eliminated outright. Another common way to reduce expenses is to refinance loans- especially mortgages, student loans, and auto loans. More favorable terms, decreased payments, and decreased interest rates are all ways to produce more disposable income. Consider contacting your credit card companies and negotiating for better terms and rates with them as well.

When finished, your budget will tell you how much disposable income you have available each month. That income can then be used to pay down high interest rate balances, or to pay off debts entirely. Apart from doing this, one of your primary money resolutions for 2009 should be to save money. Consult with a qualified financial advisor about ways to safely grow your money. The truth is that you work hard for your money, so it makes sense to make your money work for you by earning its own interest. Bonds, savings accounts, and CD’s are all great ways to save money for your future and that of your family.

Foreclosure is becoming a dirty word that is being uttered ever so much more frequently throughout New York. From Albany to Long Island, foreclosures are on the rise. In fact, so many people are being foreclosed upon that it is almost becoming normal. All of this is occurring despite our best attempts to alleviate the problem. We have Federal programs for homeowners that are not working, and we have banks granting leniencies on loans and terms that are having a minute effect overall on the amount of people still going through foreclosure. Clearly, the government and banking industry solutions are not working quickly enough.

The vast majority of foreclosures are occurring relative to the devaluation of homes. In short, there are thousands of Americans who are holding mortgage notes that have balances far greater than the actual value of the home. Many have simply thrown up their hands and given the keys back to the bank. However, there are a number of steps that could be taken in order to mitigate these foreclosures. In fact, there are 3 specific avenues a homeowner should explore to combat the devaluation of their home.

Landscaping is a great way to improve the value of your home. Immediately, many people think that this would cost a substantial amount of money. However, there is a great deal of landscaping projects that you can accomplish with your bare hands, a shovel, and a wheelbarrow. You can build walkways and paths around your home and grounds by using stones found naturally on your property. Consider diverting a nearby stream to run along a pathway close to your house. Contemplate transplanting trees from wooded areas to line your grounds, lawn, form a screen, or even a fence. Brainstorm ideas for projects that will beautify your property but cost very little.

Indoor projects can increase home value as well, and often require the simplest of tools: hammers, screwdrivers, a saw, a level, sandpaper, and a little paint. Knock down walls that create a cluttered or cramped atmosphere. Repair, replace, or repaint baseboards, door and window frames, or cabinet doors. Enlist the aid and skills of family members or friends that have construction or design experience. Pay them for a day’s work with refreshing beverages, a beautiful dinner or barbecue, and by offering to help them on projects they may have with their own home.

Consider forming a neighborhood coalition. Talk to the members of your immediate locality about the importance of maintaining and beautifying their properties in order for properties in the area in general to hold or increase their value. As a group, you may be able to create a pool of funds for needed neighborhood improvements, and/or form teams that spend a weekend improving one house or property, another property another weekend, and so on. Together, we are much more effective than separate. Remember- if the value of your neighbors’ homes go up, then it stands likely to reason that your will too.

–