A foreclosure notice might be one of the worst things a homeowner might receive. During the entire (grueling) process of buying a house, the average person spends tens of thousands of dollars — only to have it whisked away. It is true that foreclosures are only called when the homeowner fails to pay his dues for a specified length of time. But most of those affected by this have legitimate situations that lead them to miss payments (job loss is among the most common reasons).
The good news is that there are a lot of ways a homeowner can counter foreclosure. The first and most obvious recourse is to challenge the bank’s authority to declare your debt, in an attempt to stop the proceedings. A person can simultaneously sue the bank for damages. Or, one can take advantage of the different government programs that promote refinancing over foreclosures. These include the HARP of the Home Affordable Refinance Program, as well as the 2009 “Making Home Affordable” plan. These offer better chances of recovering your right to the property, at the cost of the bank earning less than the original projections. As a result, the lender will do everything in their power to proceed with the foreclosure, making the fight a difficult one to win.
During these times, your best bet will be to have your trusted Long Island foreclosure lawyer by your side, to help you sort out the whirlwind of papers that need to be taken care of, and to help prevent the other party from blindsiding you. Fact is, most lenders make use of the “dual tracking” technique — negotiating a refinancing with you, while working with the foreclosure at the same time. While this misleading practice is outlawed in places like California, it still persists elsewhere — and your attorney will be your best defense.
How do you choose the ideal Long Island foreclosure lawyer? Before the selection process starts, it is important that you get all your papers in order. This includes creating a document that recounts exactly what happened to you (preferably no longer than one page), and also the most important aspects of the case. These are things that your Long Island foreclosure lawyer can use to create a case in your favor.
Then, you need to find that trustworthy person. The best way will be to go by word of mouth, as those attorneys with satisfied clients will inevitably be connected with others needing their help. You can also use the Internet to search for qualified foreclosure lawyers in Long Island. You can also use the contacts listed online to find referrals.
You can also set an appointment with the attorney of your choice. At this point, it is most important to tell the foreclosure agent exactly how you want the issue to proceed. You would not mean to be harsh, but you need to speak succinctly and know exactly what you want — whether you want to negotiate a loan workout, to seek a new loan against predatory lending, or the like. The lawyer will also ask you to provide him with bits and pieces of information that can make your case easier.
Once you are satisfied with the attorney’s plans for you, then you can bet you have found your Long Island foreclosure lawyer. It will be his job to find loopholes in the process of lending in order to get you what you need, and help protect your investment. With a little bit of prior research and a lot of resolve, you can turn even the direst proposition into a hopeful one.