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!

While the bank or mortgage company more than likely “suffers” the most when a home is foreclosed upon — a foreclosure means 1) no monthly mortgage payment coming in and 2) an empty house that now must be sold or otherwise dealt with – foreclosures also carry considerable cost to the former homeowner.

As a law form that offers foreclosure help in Suffolk County, our practice sees the “real” effects a foreclosure can have on a homeowner’s finances and future well-being. Therefore, we do recommend that homeowners behind in their mortgages and/or struggling to pay their mortgages do everything in their power to avoid foreclosure.

For example, homeowners who go into foreclosure lose the tax benefits a mortgage provides. Homeowners who lose their home also lose any equity they may have accrued while sending in their monthly mortgage checks. In addition, the emotional cost to the family who goes into foreclosure is incalculable and can affect all members for years to come.

Additional costs in a foreclosure include fines and legal fees, as well as the loss (in money spent and in the enjoyment of) in any property upgrades the homeowners may have made in the property before the owners’ financial situation took a nosedive.

Yet too many of our potential clients think that foreclosure help in Suffolk County is the only option they have. They believe they won’t qualify for a loan modification because they’re “too far behind” in their payments or because they bought the home with little or no down payment and therefore now have little or no equity in the property.

In fact, tragically, many homeowners believe foreclosure solves the problem of liability. Yet, too often when we offer foreclosure help to Suffolk County residents we find that the former homeowner is still liable when the property’s sale price isn’t enough to cover the lien on the home. This remaining payment then becomes a judgment that stays attached to the former homeowner’s credit rating indefinitely.

But a loan modification can help a homeowner avoid foreclosure. Yes, a modification on a mortgage will reduce monthly payments/and or the interest rate of the loan, but a loan modification often can and does help a homeowner avoid foreclosure!

If you’re looking for foreclosure help in Suffolk County, contact the Law Firm of Ronald D. Weiss, P.C. We can help you decide if foreclosure truly is the best answer in your particular situation. We look forward to hearing from you!

If you have a massive amount of debt, including unsecured (credit card), a high mortgage payment, or other debt, bankruptcy can be an answer.

But it’s not always the right answer for your situation. Below is some bankruptcy information for Long Island residents to consider before filing bankruptcy in order to get rid of debt, particularly credit card debt.

If you’re considering bankruptcy, it’s important that you meet with a good attorney in order to get the best information for your situation.

For example, you may be able to regain control of your finances without having to resort to bankruptcy. Examine your financial situation carefully. Could you eliminate unnecessary expenses in order to have more money to pay toward your creditors? Could you sell your car, get rid of your cell phone, cancel the cable and/or gym membership? What about renting out a spare room?

Would you feel comfortable asking a relative for a loan? What about contacting the Consumer Credit Counseling Services (CCCS), a non-profit community service agency that, according to its website, is “dedicated to helping people with money problems.”

A CCCS counselor can help you put together an effective budget, set priorities for your finances, pay your debt down, thus reducing your stress and helping you achieve financial stability. In fact, if you and your CCCS counselor decide that a debt management program would fit your situation, you and your counselor together can develop a debt repayment plan, work with your creditors to lower your monthly payments, possibly eliminate – or reduce – fees, and even lower the number of calls you may be receiving from collection agencies.

If the specter of foreclosure is prompting you to seek bankruptcy information, Long Island law firms such as ours and/or an experienced real estate professional can help you research alternatives such as a short sale, a deed in lieu of foreclosure or even a modification of your mortgage to lower either the interest or your monthly payment.

Here at the Law Office of Ronald D. Weiss, P.C., we specialize in bankruptcy and foreclosure law, as well as foreclosure defense, reorganizations, mortgage modifications, and much more. Won’t you call us today so that we may learn more about your situation and suggest a financially prudent course of action? We look forward to hearing from you!

No one should try to go through a foreclosure alone. Aside from divorce, the loss of a job, or the death of a loved one, going through a foreclosure probably is one of the most stressful and distressing experiences in a life. You definitely should look for foreclosure help in Nassau County — a good attorney can help you understand your options and help you decide your best course of action.

If you've been having trouble paying your mortgage, you may believe that losing your home is inevitable. Getting good foreclosure help in Nassau County with a reputable law firm will help you see that you do have options.

A good foreclosure attorney can guide you through the options that may be available to you. For example, you should know that your mortgage lender's main concern is to get its mortgage payments. It's not out to "get" you; it's not out to "take" your home away from you. You truly may be able to negotiate an alternative to foreclosure with your lender.

Look at the situation from the bank's perspective: if the bank forecloses on you, it doesn't receive your monthly mortgage payments. What's more, it now has an empty house on its hands and banks really don't want to be in the property management business.

This definitely can work to your advantage. For example, the law firm you engage for foreclosure help in Nassau County may be able to help you arrange for a short sale, which allows you to avoid foreclosure completely (and retain your credit rating). A short sale involves getting your mortgage lender to agree to acceptingless money than the value of your mortgage when you sell the home. You sell the home for less — sometimes for far less — than the value of the loan and give all the proceeds to your mortgage lender. You've thus avoided foreclosure.

Banks will accept short sales because they often get more back in a short sale than they do if they sell the home after it's foreclosed upon.

Other ways an attorney can offer foreclosure help in Nassau County is to suggest — and assist you with — a loan modification, refinancing or forebearance (which provides you with temporary relief from this financial obligation). You also could keep a foreclosure at bay by a pre-foreclosure sale, or a deed-in-lieu (in which you convey all interest in your home to the mortgage holder). You won't own the home anymore, but you at least won't have a foreclosure on your credit record.

If you engage the law firm of Ronald D. Weiss, Esq. for foreclosure help in Nassau County, we'll help you:

• Take a look at all of your options
• Help you avoid scams
• Take a look at and analyze your specific financial situation and offer you choices, and more.

We look forward to hearing from you!
 

If you're considering filing bankruptcy, you should know that bankruptcy laws in Long Island and around the country changed considerably in 2005, when Congress made changes to the Bankruptcy Code.

As a result, the bankruptcy process is now more complex. In addition, those filing bankruptcy and their lawyers now have it harder when it comes to making a case for their bankruptcy.

Yet…don't panic. While bankruptcy laws in Long Island are more complex, that doesn't mean you won't be able to qualify for Chapter 7 bankruptcy or Chapter 13. In fact, many people who no longer qualify for Chapter 7 often are able to file Chapter 13.d

Two of the Major Changes to Bankruptcy Laws in Long Island

1. The new laws require that those considering filing bankruptcy must submit to credit counseling prior to filing. You'll also have to take part in what is known as budget counseling once you've filed. These counseling sessions usually are just 30 minutes on the phone with a court-approved credit counseling agency.
2. Perhaps the most important change to bankruptcy laws in Long Island is what is known as the "means test." You'll really need a bankruptcy attorney to help you wend your way through this requirement, as it involves a complex series of calculations designed by the government that establishes whether you qualify for a Chapter 7 bankruptcy. No longer can anyone file Chapter 7 — you must meet the requirements.

The "means test" determines whether or not you have the financial means to honor all or some of your obligations (that is, pay your debts). If you can, then you may not be able to file Chapter 7 and you'll have to file a repayment plan via Chapter 13.

As a rule of thumb, if your family's income is below the median that New York State deems it should be for a family of your size, then you should be able to pass the "means test" and file Chapter 7.

If you have any questions whatsoever about bankruptcy laws in Long Island, contact the law firm of Ronald D. Weiss, Esq. We've helped hundreds of people file bankruptcy under the new laws and we'll be able to help you find the best solution to your financial challenges. We look forward to hearing from you!

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!

Did you know that if you miss just one mortgage payment, you could be in danger of having your home foreclosed upon? Too true, unfortunately. Whether you live in Brooklyn, Manhattan, Staten Island, or Long Island, foreclosure could be but one missed payment away.

If you do miss a payment, you can rest assured that your mortgage company will send you a notice that you've done so and that you must pay immediately. If you don't make a payment for two or three months, not much else will happen and if you pay up all the late payments, you should be safe (although the missed payments will go on your credit record, thus lowering your credit score).

But if you don't pay up in 60 days, you can expect to receive what is known as a "notice to accelerate" (which basically is your last chance to pay up and skip the Long Island foreclosure process). You'll also have to pay some late fees.

The process becomes more complicated after this and you should start contacting a Long Island foreclosure attorney to guide you.

If you don't pay up by the date the mortgage company specifies in the notice letter, the company will have an attorney send you what is known as a "demand letter," which is the bank's formal notice to you that unless you become current in your mortgage immediately, the foreclosure process will begin.

The next step in the process will have your mortgage lender file a formal foreclosure notice with the courts, called a "notice of default." You'll have about just a few weeks — no more than a month — to respond.

You'll next receive a "notice of sale," which sets the date for the sale of your home by the sheriff.

So long as you don't get to the point where you receive the notice of sale, you can stop a foreclosure. Understand that the bank really doesn't want to foreclosure on your home — if it does then it has an empty house on its hands and it's lost money in the deal. You'll probably need the help of a good Long Island foreclosure attorney to do help you stop the process, but so long as you haven't received the sale notice, it may be possible to save your home from foreclosure.

If you’re thinking of filing Chapter 13 in Long Island, here’s a short overview of the process.

(An important note: the process is very complicated; you really will want to hire an attorney who’s an expert in Chapter 13′s many ins and outs.)

You’ll need to file what is known as a "bankruptcy petition" with the courts. This document — often dozens of pages thick — lists your debts, your assets and other important information about your finances. The bankruptcy petition must be put together in a very particular way an in a particular order.

Chapter 13 in Long Island will require that you and the court agree to a payment plan. The plan will detail how your Chapter 13 trustee will administer your debt during the bankruptcy. It will answer how much of your unsecured debt you’ll pay back. Will you keep your car? Will you catch up on your mortgage in order to stay away from foreclosure?

Once the repayment amount and is squared away, you’ll be paying it over 36 months (three years), so the courts will need to know precisely how to calculate your monthly payments so that you’ll be able to afford them.

Once your petition and payment plan are ready, your Chapter 13 Long Island attorney will submit them to the U.S. Bankruptcy Court. You’ve just filed for bankruptcy.

You will appear in court to answer some questions of the court. This is called the "meeting of creditors." You will be placed under oath under penalty of perjury to answer the questions.

Once you’ve had your day in court, your bankruptcy attorney will return to court at some point to make sure the Chapter 13 Long Island payment plan is fair to you and that you’re able to pay it. Once approved, the court will "confirm" your plan and you start submitting the monthly payments.

You then will mail your monthly payments to your Chapter 13 trustee. Because you’re not supposed to have much extra money (after all, you declared bankruptcy because of financial issues), you’ll need to watch your day-to-day spending carefully and not go over an amount as set by your payment plan.