foreclosure defense Lawyer Long island

Loan Modification

Loan modifications are when the bank allows borrowers to extend the time to pay back the loan, usually at a lower interest rate. The borrower usually must submit an application to the back for a modification. A loan modification falls under the general category of "Loss Mitigation" by the bank.

Important to note however, is that banks often are more willing to modify an existing loan when the borrower fights back in litigation. So litigating can be the best way to get a modification.

Other types of loss mitigation include:

Short Sale - where the bank approves the borrower to sell the property to a third party for less than the outstanding loan balance.

Cash For Keys - The lender pays the borrower money to vacate the property and deed it to the bank.

Deed In Lieu - The borrower deeds the property to the bank but for no money.

Foreclosure Defense

If you want to hold onto your property you have to fight back against the banks foreclosure lawsuit. That is what foreclosure defense is- fighting back and defending your property. If you do nothing, you will more than likely lose your property.

Finding and hiring an experienced foreclosure attorney to diagnose and argue your case is a MUST! But hiring the right one is just as important.

An experienced foreclosure defense attorney will be able to do the following five things.

1.) Loss Mitigation - Modifications, short sales, short payoffs or cash for keys.

2.) Dimissal of the foreclosure action

3.) Rescission of the mortgage.

4.) Payment of damages to you by the bank.

5.) Payment of your attorney fees by the bank.

Time is of the essence. The longer you wait, the more likely you will lose your property. Act Now! Before its too late.

bankruptcy protection

Bankruptcy Protection

You may declare bankruptcy because of unsecured debt "like credit card debt" or because of secured debt "like a mortgage".
Very often, the only way to stop a foreclosure lawsuit or a foreclosure auction of your property is to declare bankruptcy. Federal law puts an immediate stop or stay on the foreclosure lawsuit which can by you precious time to fight the banks foreclosure lawsuit.
Plus, bankruptcy allows you to eliminate some kinds of debt to protect you from collections and harassment and can give you a fresh start.
However, bankruptcy is a serious option and should only be chosen upon consultation with an attorney.

Call (631) 404 - 0282 For Free Phone Consultation

In Depth Case Evaluation  is $300. Mention This website for a $50.00 Discount. If you retain me, your case evaluation fee will be deducted from your first legal bill as a credit toward legal fees.