Long Island residents can face financial difficulties from time to time, including issues with making their mortgage payments. While it is essential for homeowners to keep their lender apprised of their situation to work out any possible arrangements, they may face foreclosure if their difficulties continue.
An unfortunate number of homes in New York are currently facing foreclosure. Foreclosures displace families and subject them to financial challenges as they are forced to leave their homes. The process of foreclosure begins when a mortgage falls into default and the mortgage lender initiates actions against the mortgage holder to take possession of the home.
Long Island residents can fall behind on their various financial obligations from time to time. These obligations often include mortgage payments, which can result in foreclosure proceedings. The reasons for missing mortgage payments may include an illness, a lost job or increased expenses. When a homeowner fails to make two or three mortgage payments in a row, the financial lender may institute a foreclosure on their home. What exactly is foreclosure and what options do homeowners have in these situations?
The prospect of facing a foreclosure can be frightening for any homeowner. Whether a person has over-leveraged their finances or is having trouble paying their mortgage for reasons out of their control, losing their home will have negative immediate and long-term consequences for their entire family. If a lender has initiated a foreclosure proceeding already, what defenses are available to homeowners to prevent the foreclosure from being finalized in the lender's favor?
Experiencing severe financial challenges can be one of the most stressful times in your family's life. Not only is your security and peace of mind at stake, but you may also face the very real risk of losing your most significant investment: your home. Even though the situation can seem quite bleak when you are in the middle of it, there are actually a range of legal solutions that can help to stop foreclosure and get you back on solid financial footing.
When New York residents face challenges like job loss, persistent unemployment or a medical crisis, the financial repercussions can affect many parts of their lives. Foreclosure is one example of these consequences and can be devastating for many people. The loss of a home is much more than the loss of a financial investment.
When homeowners struggle with serious financial challenges and find themselves at risk of losing their homes, they often search for any way possible to stop foreclosure. Unfortunately, the desperation and helplessness experienced by many homeowners facing foreclosure make them targets for mortgage fraud or foreclosure fraud. The incidents of mortgage and foreclosure fraud have increased in recent years, often taking the form of short sale scams or foreclosure rescue and loan modification scams.
Becoming a homeowner remains a key aspect of the American dream for many people. And once that dream is attained, people will often go to great lengths to ensure that it does not slip out of their hands. That is one of the reasons that foreclosure, or the risk of foreclosure, is so stressful for many homeowners: they have worked hard to purchase a valuable investment and do not want to lose it because of unfortunate or unexpected circumstances. Fortunately, there are often more legal solutions for people facing foreclosure than many homeowners think.
Many New Yorkers do not have a solid understanding of the foreclosure process. This means that if homeowners receive a foreclosure notice or find themselves dealing with difficult financial circumstances--such as unemployment--that could lead to foreclosure, they often do not know what to do or how to respond. Many people are unaware that there are a range of legal solutions that could provide valuable assistance and may instead fall prey to unscrupulous businesses or organizations seeking to take advantage of struggling homeowners.
Owning a home continues to be one of the primary American dreams. For this reason, most homeowners attempt to protect their home at all costs. When financial challenges occur and homeowners face the risk of foreclosure, this can be an exceptionally frightening and stressful time. Homeowners not only fear the loss of what is probably their biggest investment but also their family's home, a place where special memories were made.