The recent housing crisis and economic downturn has produced a surplus of foreclosure properties as many homeowners struggle to escape bankruptcy. To many first time home buyers the prospect of a foreclosed property sounds like a great money saving choice. Getting a home at auction for a considerably lower price than through the traditional process sounds like a win win situation. However, there are many drawbacks and potential perils in dealing with foreclosures and expert knowledge can really make a difference for both prospective buyers and homeowners facing foreclosure. For this reason, hiring a foreclosure attorney Long Island practice may be the best option.
The real estate market is complex and the legislation surrounding home ownership can be confusing to the average person. If you are in a situation facing bankruptcy and the loss of your home, a Long Island real estate attorney can evaluate your situation and offer options specific to your financial needs. There are many Federal government programs and provisions passed during the Obama administration to help home owners avoid foreclosure and bankruptcy. These programs and financing options through Federal Housing Administration include refinancing options, assistance for the unemployed and FHA insured mortgages. Your Long island bankruptcy lawyer can advise you on the correct means of action regarding your financial situation. Foreclosure and bankruptcy laws vary from state to state so it is important for Long Island residents to contact a Long Island bankruptcy attorney to assure their counsel understands the local laws and jurisdiction.
If you are currently facing foreclosure, it behooves you to investigate a defense by a foreclosure attorney Long Island firm. The reality is that working with your bank to avoid foreclosure is much more advantageous to both sides than letting the property fall into foreclosure. A respected foreclosure attorney Long Island firm can help you work with the bank and the federal government to avoid a home foreclosure. Long island loan modification may also be available depending on your situation.
Foreclosure proceedings in New York State can take anywhere between seven and nine months. With the proper legal defense by a foreclosure attorney Long Island residents may be able to negotiate with their lenders to stay in their house during the course of the proceeding. A real estate attorney long island should be contacted as soon as you receive notice of a pending foreclosure, or even before you receive the official documents.