For most people, a mortgage is the largest amount of debt they’ll take on in a lifetime, and if all goes well (after 30 years) they’ll end up with a valuable, paid-in-full asset.

However, 30 years is a long time to count on things always going right. Between today’s economy, the tightening job market, and unforeseen medical problems, there are a slew of hurdles that can impede a homeowner’s path to holding a home title free and clear.

If you’re one of the hundreds of thousands of Americans who find themselves in a situation where income is dwindling (or obligations are expanding), there are a variety of options available to you to help you achieve a mortgage reduction in Long Island

Mortgage reduction for Long Island homeowners can be achieved via a variety of means, including:

EXTENDING THE LIFE OF THE LOAN:  Given the backlash against the lending industry (and the unprecedented bailout money offers to them), lenders today have more incentive than ever to implement programs for mortgage reductions for Long Island homeowners. One method is to extend the period of the loan, and 40-year loans are becoming an increasingly more common means of getting people into a house and helping current homeowners modify a mortgage obligation to a more manageable level.

RATE REDUCTION:  With a glut of homes in foreclosure, lenders who were once unwilling to renegotiate terms are now more willing to work to implement a program for mortgage reduction for Long Island homeowners. A foreclosed property costs money to maintain, and banks are facing increasing pressure from communities who are cracking down on lenders who let a foreclosed property get run down. Between the property taxes, yard maintenance costs, and water bills to keep up a property’s curb appeal, lenders have come to realize that it is fiscally prudent to develop a program for mortgage reduction for Long Island homeowners than it is to proceed immediately to foreclosure. Many attorneys now specialize in loan modifications, and can guide you through this process of negotiating a rate reduction.

If you’re a struggling homeowner, don’t give up hope – there are methods available to help keep you in your home. With a little research and assistance from an attorney who specializes in developing programs for mortgage reduction for Long Island homeowners, you can keep avoid foreclosure and remain in your biggest asset – your family home.

 
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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.

You see it almost daily in the headlines:  Government economic stimulus packages to help struggling homeowners. But how is a layperson to sort through the hype of all the recently created mortgage loan modification programs out there?

That’s where we can help. At The Law Offices of Ronald Weiss, we’re adept at helping homeowners in distress. First we help you take stock of your current situation, then work with you to educate you about the variety of mortgage loan modification programs out there. These programs can be lifesavers for struggling homeowners, allowing them to reduce their mortgage payments and save their homes.

Mortgage loan modification programs aren’t right for everyone, however. Because these are government programs, rules and regulations have been put into place to keep people (usually investors) from taking advantage of the programs.

In order to qualify for a mortgage loan modification program, you must:

• Have a documented financial hardship or change in financial circumstances
• Be delinquent on your mortgage by 90 days or more
• Occupy the property yourself (investment/rental mortgages do not qualify)
• Not have filed for bankruptcy

While your situation may seem overwhelming to you, when viewed through the eyes of an unbiased, experienced professional, there is often hope. Our experts at The Law Offices of Ronald Weiss can introduce you to an array of mortgage loan modification options which can reduce your monthly mortgage payment and give you the breathing room you need to get back on track.

So contact us today, and let our experienced professionals show you the many ways we can help get you back on the road to recovery. A mortgage loan modification may not be right for everybody, but may be just what you need to get you on the path back to financial freedom. 

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 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.

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The major story coming out of Washington right now is the failed bid to bail out the “Big Three” automakers. There are numerous points of view on the issue, but it seems that much of the debate is being driven by emotion at the expense of reason. This is not surprising- the idea of giving more of their hard earned tax dollars away to failing corporations is extremely repugnant to people barely avoiding foreclosure in Nassau County. What we must do in order to make the best decision for the country at large is to step back and really examine the consequences of letting these companies fail.

Allowing the three largest domestic automakers to close their doors would have an enormous and immediate impact on the national economy. The amount of jobs that would be eliminated overnight could range into the millions. Not only the workers at the plants in Detroit would suddenly find themselves without a source of income, but also all of the workers at the plants that supply parts to the larger factories. These smaller factories are spread throughout the country, and in many cases are the major employers in their immediate area.

As the parts these plants make suddenly become unnecessary, so too does the need to deliver them. Any trucking or shipping company that does business with domestic automakers in any capacity would likely find themselves unable to keep their current workforce. Maintenance of delivery vehicles would also become a less sought- after commodity. Once you begin to extrapolate the immediate impact in this way, it is easy to see how widespread the problem would become if these automakers were to shut down.

The possibility of these newly unemployed people finding other employment would also be extremely slim. The local economies around these auto plants basically depend on the majority of the workforce in that area having enough disposable income to sustain them. If one auto plants lays off 50,000 workers, that is 50,000 less people who will be going out to eat, shopping, going to the movies, employing domestic help, etc.  Any industry that depends on well-paid workers patronizing their businesses will suddenly be cutting jobs as well. With 50,000 new workers trying to find work in a town that is shedding jobs, the prospect of success is close to zero.

A drastic and immediate increase in unemployment during a period in which the economy is already shedding jobs is a disaster in the making. If these automakers are forced to close, the people that they employ are likely to soon become the newest beneficiaries of unemployment insurance and other government assistance. State governments where newly defunct plants are located will face major budget shortfalls as their income base dries up. The Federal government will then be increasing assistance to states and individual workers while also facing a vastly decreased influx of tax dollars. Since many of the domestic automakers also supply parts for military vehicles, the Federal government would also likely have to create a new infrastructure to address this shortfall. Increased expenditures for unemployment, welfare, state assistance, and replacement of necessary military supply chains, all while facing a shortfall in tax revenue, could end up costing the government far more than the proposed auto bailout. We need to fully examine all of the facts, and not simply act on anger or disgust when addressing this important issue.

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It’s not just a problem here in Nassau and Suffolk counties on Long Island, NY. All across the country, Americans are feeling the strain of an economy that is attacking their finances from all angles. Our system is not diseased by defaults, bankruptcies, and foreclosures- those are merely the symptoms of the illness. The real disease is the growing and malignant cancers of excess debt, and increasing expenses. While everyone might build their debt in their own way, we all typically suffer in the same ways when expenses increase. It’s one thing if one or two expenses go on the rise, but when all of the major items that we need to survive in this economy increase dramatically and simultaneously, it means trouble. For these reasons, is it any wonder that we are experiencing this dismal spate of foreclosures, defaults, and bankruptcies? What has happened? Let’s take a look:

The most significant expense-related problem to occur for most Americans was the dramatic increase in gasoline prices. This was caused by an increase in demand, coupled with the decline of the dollar. Very recently, we have witnessed the highest per-barrel cost and the largest percent of cost increases in history. This unprecedented occurrence nearly doubled the cost of vital items and services. As most Americans travel more than twenty minutes to get to work, our cost to actually go to work increased substantially. We went from unrestrained travelers, to citizens who count every mile, and every dollar.

Groceries and pet food have also experienced huge price increases. This has been caused in large part by the excessive cost of transportation. Most of the trucking industry, which is essential for consumables to get where they need to go, runs on diesel fuel, which has seen monstrous price hikes. In addition, the surplus demand and correlating price increases have cause corn and wheat to exponentially increase in price in a very short period of time. The fluctuation of these two items alone has served to severely skew the national average retail food costs.

Heating costs have gone up in direct correlation to the price of oil. Home heating costs were already at record levels when the economy began its more pronounced nose-dive, and now many Americans are wondering how they will afford to keep their homes warm throughout the long winter that lies ahead. To exacerbate this problem, the high cost of delivering energy sources has also risen.

The increased cost of doing business has hit harder than anyone might have imagined it would. The frozen credit market, and the housing crisis has served to make loans nearly impossible to obtain, and when extended have abnormally high interest rates. The types of loans that provide the capital for day-to-day business operations in America are a critical part of our economy. For this reason, we are feeling the effects of the increase of this particular expense rather sharply.

While we obviously feel the pain when the cost of large items rises even further, we pay special attention to the cost of small things- the little everyday things whose costs we don’t normally take into consideration. The cost of coffee and doughnuts in the morning, an espresso in the evening, renting movies or eating out, buying a pack of gum or a newspaper, internet and utilities- nearly everything has increased. In reality, it is through the small things that we truly can define how deep this problem actually lies.

These monumental price hikes are causing many to go down the roads of foreclosure, bankruptcy, and default. While it may seem overwhelming at times, we can adjust and pull ourselves out of this mess, though it may require some time. Bookmark this blog, and in the next installment, we’ll discuss ways Americans are decreasing or even eliminating the above listed expenses.

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Some fears regarding the general welfare of the economy and consumer confidence were somewhat eased by the relatively high shopper turnout on Black Friday. Crowds were so large at a Long Island Wal-Mart that an employee was trampled to death when the thousands of shoppers thronged outside broke the doors and rushed in. While shoppers did not spend as much as they have in past years, retailers were reportedly pleased with what was a solid shopping day, and relieved that the gloomiest forecasts did not come to pass. Strong consumer spending, on the surface, bodes well for the economy as a whole. One question that ought to be asked, however, is what impact this allocation of scarce funds toward holiday shopping will have in the following months.

The preceding months have brought us story after story of middle class Americans struggling to remain economically viable and avoid financial ruin. Money is scarce for families all around the nation and the percentage of households struggling just to make ends meet has skyrocketed. The recent decrease in both gasoline and home heating oil prices has created a very positive economic boost for many. Money that even a month ago had to go straight in to commuters’ gas tanks can now go into cash registers around the country. However, the rapid fluctuations in the price of crude oil that have occurred recently must, if we are to be responsible members of this economic community, give rise to doubts that the price relief will last. If crude oil were again to rise past the $150 dollar mark, the retail spending increase would instantly be null.
 

Even with gas prices at a level that is more comfortable for consumers, families are still making sacrifices. A recent news story described the efforts of some parent’s groups to petition toymakers to cut back on advertising, as many parents cannot afford to keep up with their children’s demands. The parent’s group’s complaints to the toymakers stem from the self described inability of parents to sacrifice their children’s holiday wishes. One parent even went so far as to say that she would commit crimes to give her child a toy that he wanted. With so many parents unwilling or unable to cut back on spending for their children, money must be reallocated within the family budget. Money set aside for mortgage payments will likely find its way into toy store coffers this month, and the result will likely be a spike in home foreclosures in January and February.

The economic stimulus of the Holiday season will, at least in the short term, give a much-needed boost to the economy at large. Retailers will hopefully be able to earn enough to get them through the winter without too many store closures. Where the funds that make this possible come from, however, could make for an even more challenging economic climate in the coming months. Concerns about the source of newfound spending money are valid, and should not be ignored. If these assumptions about where the stampeding Wal-Mart crowd got its money pan out, Nassau County foreclosure attorneys are going to have a busy winter.

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