subject: Foreclosure Attorneys In Long Island Might Help Keep Your Residence [print this page] Financial issues can take you by surpriseFinancial issues can take you by surprise. There's always a probability something will cause you to fall behind on your home loan payments though you have been diligently keeping track of and managing your finances. If your home is facing property foreclosure, or you think you can no longer pay for present house loan, you can use a foreclosure attorney in Long Island for support.
Mortgage Modification
Obtaining a loan modification is amongst the solutions a foreclosure attorney in NY will probably advise if you're experiencing difficulty with your house loan. A loan or mortgage modification calls for entering a federal government or bank-sponsored program to have your house loan "modified". Using this method, you can have your house loan plan converted into something you can continue paying for despite your financial issues.
The kinds of modifications your foreclosure attorney in Long Island may make on your house loan are different according to the program. These modifications include deference of financial obligations, mortgage time period extensions, and reductions to regular interest rates. Another possible alteration is having your payment changed so it's based on a percentage of what you earn as opposed to a set price.
The Home Affordable Modification Program (HAMP) is a government-sponsored loan modification program with the objective of aiding a minimum of 8 million property owners convert their monthly house loan obligations into something they can manage to pay for. This program, established in 2009, served to establish today's guidelines and regulations for loan modification whilst still prioritizing both the homeowners' and banks' best interests.
Applying for a modification program and waiting for authorization is often time-consuming and nerve-racking. You can't afford to wait around or suffer from extra emotional stress, especially if you're already falling behind on your repayments. A foreclosure attorney in NY may help alleviate some of that stress.
A good foreclosure attorney in Long Island may also help you stay clear of foreclosure rescue scams. While you are looking for a way to save your house from property foreclosure, you may encounter people who provide "foreclosure rescue" services. These individuals are often fraudsters preying on distressed house owners. You shouldn't trust these people except if they are working for a valid law firm or one of the sponsored loan modification programs. Below are some good examples of foreclosure rescue scams.
Equity Stripping Scheme
This scheme involves making it possible for the scammer to assume ownership of your home just until the acceptance of your house loan modification. Most fraudsters won't even bother turning in your application for a mortgage modification. They'll just cash out your property's equity and then leave you with a foreclosure and serious property loss.
Lease-Buyback Scam
The fraudsters will ask you to give your property's lease contract to them, assuring you can rent or buy the house back whenever you want. There are individuals who provide honest, legitimate lease-buyback arrangements, but you should always have a foreclosure attorney in NY supervise the offer. If you aren't mindful, you could wind up having to pay a leasing or buyback rate that's outside your cost range, or losing the home and property completely.
A good property foreclosure legal professional may be the answer to your prayers if you're having issues with your house loan, but you should be mindful when getting one. Evaluate if the attorney has a decent track record, and make certain he or she isn't a foreclosure rescue scammer.
