Battling Foreclosure: Doing Your Homework

When you are looking for a home, you put a lot of effort and money — especially money — into the endeavor. It is your life’s greatest investment, and one that you expect would be inherited by your children and their children’s children. However, reality is not all that ideal — unprecedented twists can lead you to getting laid off, getting into debt, or losing your income, which leads to your inability to pay your monthly dues.

ForeclosureWhen this piles up, you are facing foreclosure — the forcible repossession of your property by the lender. In this legal process, the house is forcibly sold in an attempt to recoup the lender’s investment. The proceeds of the sale will go to the lender and the liens holders, and the rest (if any) will go to you. Most of the time, this is not even enough to pay for a new home’s down-payment — and you’re back to square one.

The good news is that the government often sides with the consumers in this matter — it has initiated several programs that can help a person save his home. Most prominent among these are the Making Home Affordable Plan and the Home Affordable Refinance Program. This means that instead of the banks taking your home from you, you can enter into a negotiation to refinance.

These, while golden opportunities, are not as simple as they seem. Most of the time, these plans lead a bank to earn less than their original projections — hence, they will do anything in their power to continue with the foreclosure process. And as you may have noticed, you cannot go through the process alone. You will need a trusted foreclosure attorney from your area to help you understand the laws and loopholes that can save your investment.

Looking for a trustworthy Long Island foreclosure lawyer may not always be easy, but the best thing you can go for is word of mouth — a lawyer with a satisfied client is bound to be referred to someone else who will need his help. You can also leverage the power of the Internet — a simple search can reveal recommendations on the best Long Island foreclosure lawyer whose services you can take advantage of.

When you have found a prospect, the first thing you can do is to set up a meeting with him. Beforehand, you should be doing your homework. You should prepare a document that tells everything you have — especially what has happened to you, what you want to achieve, and the most important facts of the case. The last category can include a variety of incidences — perhaps you had been turned down for a mortgage modification, or you had been baited-and-switched with a predatory loan.

With this in hand, your Long Island foreclosure lawyer will also check the documentation, especially those coming from the time of the loan’s start — the application letters, and the responses and actions of the lender. This allows your Long Island foreclosure lawyer to understand how the loan originated, and if there were any unfair practices involved in the mortgage creation. They might also need a history of correspondence.

As much as earning your home is a difficult task, protecting it might also take a good fight. However, you have your attorney at your side to take care of all the paperwork and legal parrying. One thing you must remember, though, is that it will ultimately be your action that defines the outcome of the struggle — if nothing is done to improve your current state, then the drama might repeat again even if you win now.