Long Island Mortgage Lawyer

Are you struggling financially and in danger of losing your home to foreclosure? If so, contacting a Long Island mortgage lawyer right away may help you to stay in your home, or at least lessen the effects that a foreclosure may have on your financial future.  While not all foreclosures can be stopped, even with the help of a mortgage lawyer, there may be other remedies that your Long Island mortgage lawyer can suggest to you that can help preserve your credit rating to some extent, such as entering into a short sale, among other options.  Siben & Siben has experience in representing clients who are struggling financially and that are at risk of losing their most valuable asset – the roof over their heads.

Are You at Risk of Losing Your Family’s Home?

When you finance your home, the lender takes a security interest in that home.  If you default on your mortgage payments, the lender has the right to foreclose and then sell off your home to recoup the money that you still owe.  But the good news for those homeowners that are struggling to pay their mortgage payments is that banks do not like to foreclose.  The bank would rather help you than foreclose.  Why? Foreclosures are expensive, and they take time. They are also complicated.  And in most instances, the bank loses a lot of money when they foreclose on a home because they are forced many times to sell that home at a loss.  (Or, in the case of the current housing market, hold on to it for a long, long time, which is also expensive).  The bad news, however, is that the bank or other lender of your mortgage will not “bat an eyelash” when it comes to initiating foreclosure proceedings, provided that you leave them no alternative. Your Long Island mortgage lawyer can help you understand the alternatives that you have to foreclosure.  In most cases, your mortgage payment is only part of your financial problem.  Siben & Siben Long Island mortgage lawyers can help you to develop a strategy to save your home.  You have options.  Let Siben & Siben show you how you can:

• Consolidate, reorganize, or even eliminate debt via credit counseling or bankruptcy.

• Working out a compromise with your lender

• Refinance or restructure your home mortgage loan to get better terms and lower monthly payments (at a lower interest rate)

• Giving the home back to the lender voluntarily. This is called a deed in lieu of foreclosure or deed in lieu of forfeiture.

• Sell your home in a short sale to avoid foreclosure

Your Long Island mortgage lawyer can help you to navigate the tricky area of foreclosures and mortgages. Give Siben & Siben a call to schedule your free consultation.