The Rise of Foreclosures on Long Island

Although foreclosures have dipped in 2011, this coming year foreclosures are estimated to rise and because of the condition of the real estate market and mortgage industry it might continue for the next couple of years. Who dealt this mess anyway? That’s a vintage card player’s term, but typically most of us can pull the old switcheroo and use it to the real estate foreclosure and banking scenarios that are hurting numerous property owners, particularly in Suffolk, Nassau, and Long Island in general.

For anyone who is having difficulties paying your mortgage bills, or already are in foreclosure, chances are you’ll feel frightened and humiliated or overwhelmed. It’s very imperative that you act promptly. The more time you procrastinate the a fewer number of alternatives you may have, such as keeping your property or stopping foreclosure. Fully understand your options and take action accordingly.

Check out the State of N.Y. banking department website. There you’ll find information some good, some not. They suggest that you call your loan servicer right away; your lender, your bank. And while that may be a wise decision down the road, the main thing you may want to do is to contact a not for profit real estate counselor. If you’re in Nassau County, speak to the Nassau County Bar Association; if you are in Suffolk County, call the Suffolk County Bar Association. They may be happy to assist you.

Clearly you could call a qualified eviction attorney in your area. An eviction lawyer can take you step-by-step through your rights and help you make the very best decision for you and your family. With the laws constantly changing, it’s hugely recommended to get the help of a lawyer if your case would go to court.

Watch out for scams. Avoid anyone who requests an upfront payment in exchange for getting you a mortgage loan modification, saving your house from defaulting or ceasing the foreclosure or tax sale. N.y. law prohibits, absolutely prohibits the collection of such fees in the majority of cases.

Avoid anyone who suggests they are able to save your home should you sign or transfer the deed to your home over to them so you can get caught up on your home loan payments or refinance your loan. Under no circumstances hand in a payment to any individual but your bank or your bank’s loan servicer.

When you find yourself in foreclosure you have two alternatives: quit or fight for it. I recommend the second. The structure of foreclosure law in N.y., Long Island, Nassau County and Suffolk County is in a state of flux and changes constantly.

No matter what stage of foreclosure you are in or whether or not your home has been purchased in foreclosure; and you’re dealing with eviction, you will find options available. There are many people who are in post-foreclosure landlord-tenant actions, to eliminate them from the household, who have properly reopened the home foreclosure and were able to, at the very least, reach an evidentiary hearing in the Supreme Court.

If you are considering foreclosure, speak with a qualified eviction attorney today to learn more.