Wednesday, September 21st, 2011
As the economy slowly regains composure and as unemployment rates stabilize at around 9.1%, there are still many hard-working Americans feeling stressed about credit card debt and impending foreclosure and bankruptcy.
According to the Huffington Post, people on average carry around $44,000 in debt – mortgages, credit cards, auto loans and other consumer debt. That's a far bigger load than in the early 1980s, when unemployment topped 10 percent. In 1982, per capita debt totaled about $14,000 in today's dollars. Despite this, Americans are trying hard to save money and pay off debt in order to shed the stress that’s associated with not being able to keep up with finances.
Debt stress is not only relegated to the unemployed. With cost of living expenses skyrocketing and payroll hours and salaries being drastically reduced, it’s even difficult for those that are employed to keep up, let alone get ahead.
Attorney Ronald D. Weiss, P.C. understands this. Our Law Office is poised to consult and represent individuals and businesses located on Long Island, New York City and Westchester in bankruptcy proceedings under all Chapters of the Bankruptcy Code. We even offer free initial consultations so that your legal options are clearly outlined.
Let us help you rid yourself of the stress. Contact the Law Offices of Ronald D. Weiss, P.C.
Tags: Bankruptcy Lawyers & Attorneys, Stop & Prevent Foreclosure
Posted in Long Island Bankruptcy, Stop & Prevent Foreclosure | No Comments »
Wednesday, June 23rd, 2010
Given the growing numbers of homeowners struggling to save their homes from foreclosure, it’s not surprising to find Long Island short sales on the rise. But many Long Island homeowners have no idea what a short sale is. One of the main reasons why you need to know is because short sales have a much less damaging effect on a Long Island homeowner’s credit than does a foreclosure.
A short sale in Long Island occurs when the proceeds from the sale of a home fall “short” of what the homeowner owes on the mortgage. The homeowner’s mortgage company agrees to accept less than the loan’s full principal balance at settlement.
Not all lenders will agree to short sales. But there are many circumstances where short sales make sense for the lender to accept because the Long Island homeowner can pay off the loan for less than what they own and the lender can avoid a costly, time-intensive foreclosure. In today’s mortgage climate, an increasing number of lenders have become more willing to negotiate short sales. The Obama adminstration’s efforts to help struggling homeowners have also improved chances of getting your Long Island short sale approved.
One or more of the following must apply to your situation in order to qualify for a short sale:
- - 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.
Because of a Long Island short sale’s complicated process, seeking legal expertise can make a big impact on your ability to get approved for a short sale on Long Island as well to negotiate terms of the short sale best suited for your situation and needs. Obtaining legal counsel on your Long Island short sale gives you logic-driven and legal-driven advice on your specific financial, tax and legal consequences despite the emotional sensitivity of being on the brink of foreclosure and bankruptcy.
Tags: long island bankruptcy attorney, Long Island Foreclosure Firm, Stop & Prevent Foreclosure, stop foreclosure
Posted in Long Island Foreclosure Firm, Long Island Law Firm, Stop & Prevent Foreclosure | No Comments »
Home
About The Firm
How Can We Help
Legal Services Offered
Blog
FAQ's
Contact Us
Sitemap
