Recent news suggests that there has been a rise in foreclosures in the Northeast, specifically in Massachusetts, however this might not be completely negative news. According to Warren Group CEO Timothy M. Warren Jr., this uptick in foreclosures might mean that the real estate market could be on its way to recovery. He predicts that the recent spike in foreclosures could just be a backlog that banks are finally getting around to filing. And if the banks are “catching up”, this could be a good thing for the real estate market.

Historically, Long Island has been known as one of the most delinquent parts of New York state. Despite the hopeful progression toward a more stable market, some Long Islanders still find themselves in a desperate situation, especially this time of year when expenses are at an all-time-high. If you?re based in Long Island and are seeking foreclosure defense, consider speaking with a professional at the Law Firm of Ronald D. Weiss, P.C. that has been helping foreclosure victims in Long Island for years.

Foreclosure defense allows homeowners to assert their rights and oppose a foreclosure proceeding by engaging in litigation defense strategies. Our law firm can assist you right from the start by answering the initial summons and complaint. Considering that 20-30 days from the date of service an answer and/or motion to dismiss is due, it is imperative to file a timely response. That?s just one of the many steps throughout the process that our law firm can assist with.

If you are a Long Island resident and in need of foreclosure defense, visit or call the Law Offices of Ronald D. Weiss, P.C. for a free initial consultation.

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.

Are you at risk of losing your home to foreclosure? If so, this could have devastating consequences on your financial future. In addition to losing your home foreclosure in Long Island will affect your credit adversely (making it very difficult for you to take out a car loan, for example) because your credit rating will be hit hard.

Foreclosure in Long Island can occur quickly after non-payment of your monthly mortgage — just 90 days! If you have missed a payment, contact your lender immediately to see if you different options may be available to you. These options could include:

• • Adjusting your payment plan.
• • Changing the terms and conditions of your mortgage (such as spreading payments out over a longer time period)
• • Refinance the loan. You'll need to find a "hard money lender" or a traditional lender who will consider refinancing your property. To do so you'll need to have a lot of equity in the home, as well as lots of steady income. These types of loans could result in higher monthly payments (many foreclosure loans have interest rates of more than 10 percent) but this could be a good move for you if you just need a fresh start with a new loan and lender.
• • An FHA loan. This is an option for you if your have an FHA loan. If so, a homeowner facing foreclosure in Long Island may be able to get a one-time loan from the FHA that will bring our current loan up to date. A lien will be placed on your property that you'll payout to get caught back up on the mortgage.
• • Sell your home to an investor or member of your family and rent the property from the new owner. Doing so allows you to stay in your home.
• • Sell the home in a short sale. This will work if your bank will accept less than the amount of your mortgage, thus allowing you to get out of the mortgage and avoid foreclosure.

If none of the solutions above will work for you, you should contact an attorney who specializes in foreclosure in Long Island. Our firm, Long Island Bankruptcy & Foreclosure, the Law Office of Ronald D. Weiss, P.C., can help you cull through your options and help you decide which the best one for you to pursue. We look forward to hearing from you and helping you avoid foreclosure!

• - 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.