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.

Yes. If you’ve filed for bankruptcy on Long Island, bankruptcy law will protect you from creditors attempting to collect debt or repossess your property without permission of the Long Island bankruptcy court. In bankruptcy law terms, this attempt to collect violates the “automatic stay.”

An automatic stay refers to the mandate that stops creditors from all efforts to collect from you as soon as you file for bankruptcy. No more calls, no more letters, no more lawsuits—they must stop doing everything to make you pay.

Being represented by one of our Long Island bankruptcy lawyers gives you additional leverage in dealings with creditors. You should give the creditor your bankruptcy attorney’s name and phone number. Because the Long Island bankruptcy court may punish a creditor who violates the bankruptcy law’s automatic stay, it can be wise to work with a bankruptcy attorney about creditor issues in order to seek further protection from the court.

A loan modification is a long-term solution for Long Island (LI) residents who will never be able to repay an existing loan. Not long ago, our attorneys found many people unfamiliar with LI loan modification agreements. But today, rising numbers of Long Island homeowners facing an upcoming adjustment in their payments under adjustable rate mortgages are in a panic from deep drops in real estate values coupled with tighter credit requirements. As a result, more and more Long Island residents are realizing that losing their homes to foreclosure could be a real possibility. Homeowners are also learning that loan modification may be the answer for saving their homes – the biggest investment of their lives.

A loan modification works by negotiating with your lender for a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. But many homeowners find that negotiating with the bank for a loan modification can be overwhelming. This is why retaining the services of our experienced Long Island attorneys leads to a much higher success rate than negotiating on your own.

Our lawyers are very familiar with the Long Island loan modification process and can represent you in bringing your mortgage lender to reasonable terms that will save your home and get you a payment you can afford. Above all, it is important to remember that no matter what the reason is for your difficulty in paying your mortgage payments, millions of Americans are struggling with the same problem. Begin eliminating worry from your life by contacting us today.

As lawyers specializing in Suffolk County bankruptcy, we not only help our Long Island clients accurately assess their bankruptcy risks, but our bankruptcy attorneys also guide clients toward options best suited to manage their specific debt problems. While bankruptcy might be the best option in the end, our Long Island bankruptcy attorneys have often seen Suffolk County clients benefiting more from bankruptcy alternatives.

For example, our lawyers can help stop harassment from creditors by taking advantage of federal and New York state debt collection laws that protect you from abusive and harassing debt collector conduct. We can also help you negotiate with your creditors. If you have some level of income or even some assets you’re willing to liquidate, negotiating with your creditors for extra time to get back on your feet or settling your debt for less than you owe may leave you better off than filing for bankruptcy. Our bankruptcy lawyers have also had success brokering repayment plans with clients’ creditors or collection agencies.

You wouldn’t pilot a plane without proper certifications required to understand the laws of the sky. Risking what remains of your financial future to novice understanding of rules and regulations surrounding the laws of bankruptcy doesn’t make much sense either. With Suffolk County bankruptcy lawyers on your side, you can set the best course needed to help your financial troubles fly right.

When working with Long Island bankruptcy clients, our Nassau County bankruptcy lawyers first help them determine their eligibility between Chapter 7 and Chapter 13 bankruptcy. Of course, the information presented here just scratches the surface of bankruptcy rules and regulations. For the best advice on the specifics of your bankruptcy case, arrange for a free consultation with one of our Nassau County bankruptcy attorneys today. But first, let’s go over the Long Island bankruptcy basics.

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many of your debts, sometime even all of your debts, and may also liquidate some of your property to pay your creditors. Chapter 7 bankruptcy also is called "straight" or "liquidation" bankruptcy.

You are not eligible for Chapter 7 bankruptcy if:

• - you have enough income to repay your debts,
• - you previously received a bankruptcy discharge in a Chapter 7 bankruptcy case within the last eight years or in a Chapter 13 case within the last six years,
• - you had a Chapter 7 or Chapter 13 case dismissed within the past 180 days, or
• - you defrauded your creditors.

With Chapter 13 bankruptcy, your debts are not cancelled and your property is not sacrificed. Instead, you keep your property. But you also must pay back all or a portion of your debts over a three to five-year period. Chapter 13 bankruptcy also can be called “reorganization” bankruptcy.

You are not eligible for Chapter 13 bankruptcy if:

• - you are filing as a business instead of an individual; businesses file Chapter 11,
• - you have insufficient disposable income to meet your repayment obligations,
• - your debts exceed $1,081,400 (this amount periodically adjusts for inflation),
• - you are behind on your income tax filings.

• - First and foremost, we can help determine which chapter of bankruptcy (chapter 7, 13, or 11) to file under.
• - All required documents will be correctly completed and filed by our bankruptcy lawyers.
• - Our Nassau bankruptcy attorneys’ experience facilitates more quickly the “automatic stay” that takes effect as soon as your Nassau bankruptcy case is filed. This will provide immediate relief from harassing phone calls and mail from collectors. If being sued over an unsecured debt, the automatic stay can also stop wage garnishment.
• - Certain state and federal level exemptions allow a person to keep varying degrees of their personal property when filing for bankruptcy. Our Nassau bankruptcy lawyers help you understand these exemptions and recommend how best to value personal and real property on the schedules.
• - Our bankruptcy lawyers can evaluate your debts to determine which are dischargeable, which are at risk for being nondischargeable and how to prepare accordingly for each.
• - We can help you to decide which creditors to list as secured, priority, and unsecured.
• - If other debts are discovered after you file for bankruptcy, our Nassau bankruptcy attorneys can amend your case to include these additional debts.
• - At the “Meeting of Creditors” held pursuant to the Bankruptcy Code, our bankruptcy lawyers will represent you instead of your having to represent yourself.

Google the term “Long Island bankruptcy lawyer”, and you’ll get about 159,000 results (without quotes, it zooms to a whopping 400,000!).

So how are consumers supposed to narrow down the overwhelming amount of choices and find the best Long Island bankruptcy lawyer for their unique situation?

While there are a slew of websites that abound in offering advice on finding the best lawyer for you, we offer a very simple method – one that works well for any situation, including finding the best Long Island bankruptcy lawyer for your particular needs.

This 3-P method of inquiry breaks down what can seem like an arduous and time-consuming task into very doable ‘baby steps’:

PROBLEM:

The first step in getting started is to determine exactly what your problem is. While this might seem relatively simple at first, you might be surprised at what you find.

For example, you might be having problems making your monthly mortgage payment, and feel that your only choice is to file bankruptcy. You “assume” you’ll need a Long Island bankruptcy lawyer.

But what if the reason you’re struggling to make your mortgage payment is really because of high credit card balances and/or interest rates, or that your adjustable mortgage rate skyrocketed and is now unaffordable?

In these two cases, you might be better served by an attorney who specializes in debt consolidation and reduction for the first scenario, and a lawyer who is adept at negotiating loan modifications for the latter.

PROWESS:

Let’s face it:  Experience does count – especially when your fate is in someone else’s hands.

Regardless of the specialty – whether you need a Long Island bankruptcy lawyer, personal injury lawyer, or an attorney who specializes in real estate matters, you need to do your homework and check credentials, backgrounds, and references.

Here is a quick checklist:

Education:  Where and when did the attorney graduate law school?

Experience:   How long has the attorney been practicing law, and how long in the specific area you’re considering hiring him for?

Credentials:  Is the attorney currently licensed to practice law, and if so, in what states?  Are they a member of the American Bar Association or the State Bar Association?  Do they have any additional memberships or affiliations? 

References:  Ask for references – both from current and former clients.

PERSONABLE:

Lastly, there’s the human factor. Despite a great education and years of experience, it’s also extremely important that you feel comfortable with your new attorney. If you feel rushed, or that you’re not being heard, it may be a good idea to listen to your gut and look elsewhere.

By following the simple 3-P method of finding legal help, you can take heart in knowing that you’ve done all you can to make an informed decision. Whether you need the services of a Long Island bankruptcy lawyer or a family law attorney, the 3-P method can help narrow down the choices, so you can find the right attorney for you.

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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Many homeowners today struggle when it comes to meeting their monthly mortgage obligation. Whether it’s because of the loss of a job or a reduction in hours, unexpected medical bills, or a change in life circumstances (such as divorce), the payment that was once manageable can easily become a financial albatross.  

But there is one benefit from today’s economic downturn – now lenders have more incentive than ever to implement programs that give loan reductions to Long Island homeowners.

Lenders have finally conceded that it’s far more prudent to help consumers with programs that feature loan reductions for Long Island homeowners, than to deal with yet another foreclosed property that will most likely languish on the market for months (during which time, they are responsible for maintenance, taxes, and homeowner fees.)

While there are many avenues of relief available to you if you are struggling, an attorney who specializes in loan reductions for Long Island homeowners is your best bet when it comes to garnering the cooperation from usually callous lenders who tend to see you as an account number on a file rather than a human being.

How do these programs that offer loan reductions for Long Island homeowners work? There are a variety of ways to modify or reduce a loan, including negotiating an interest rate reduction, developing a separate payment plan for past due amounts, and even resetting your loan balance to your home’s current market

And while you can try to negotiate terms and modifications for loan reductions for Long Island properties yourself, that’s not usually the best choice. Think about it – you’re doing this for the first time (or at least trying to), while a professional attorney who specializes in programs that offer loan reductions for Long Island homeowners does it on a daily basis.

Attorneys not only know the process, but they’re familiar with each particular lenders rules and guidelines. More importantly, they know which lenders make exceptions in their rules and guidelines. Just because a lender tells you they never give rate reductions doesn’t necessarily mean it’s so. A consumer might take them at their word, but a competent attorney adept in negotiating loan reductions for Long Island homeowners knows otherwise.

If you’re a struggling homeowner, don’t despair, because help is out there. By working with a reputable, experienced attorney who specializes in loan reductions for Long Island properties, you can start down the road to recovery, instead of down the road to foreclosure.

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