Foreclosure is an intimidating prospect for those who face it, but foreclosure in and of itself is not an uncommon event. Statistically, one in every two hundred homes will be foreclosed upon. According to the FDIC, this translates into one child in every American classroom being at risk of losing his or her home due to his or her parents facing foreclosure. Certainly a disheartening prospect, but a foreclosure lawyer Long Island residents can trust will be able to help the foreclosed homeowner through the foreclosure process.
Foreclosure begins when a lender tries to recover the value of a loan from someone who has stopped making payments by attempting to sell whatever was used as collateral for the loan. In the case of a mortgage lender this would mean foreclosing on the home. The important thing to understand about Long island foreclosures is that they are not always necessary. A Long Island loan modification may be possible, and homeowners struggling to make mortgage payments should contact their mortgage lender, a foreclosure lawyer Long Island homeowners find reliable, or some other form of Long Island real estate attorney. Over 60 percent of homeowners with delinquent mortgage payments are unaware of the services their mortgage lenders can offer, according to the FDIC. In enlisting a foreclosure lawyer Long Island homeowners may be able to avoid foreclosure entirely.
Separate and distinct from foreclosure is the bankruptcy process, and a bankruptcy lawyer Long Island citizens can place their faith in will be able to explain all the ramifications of bankruptcy. Generally, bankruptcy is the legal status of a person or business that is unable to repay its debts. In the United Kingdom, bankruptcy status is applied only to individuals. But for a foreclosure lawyer Long Island courts and residents would have experience with, the term bankruptcy is applied more generally and used to describe individuals, companies and other entities. A Long island bankruptcy attorney familiar with New York State specific laws can help a person or business declaring bankruptcy navigate this process.
In summation, bankruptcy and foreclosure can be avoided. Soliciting the aid of a foreclosure lawyer Long Island courts are familiar with can help prevent this fate. Even if foreclosure or bankruptcy is completely unavoidable, the services of a foreclosure lawyer Long Island residents can rely on will aid greatly in navigating the specifics of the New York state legal processes involved. More on this topic.