Long Island, Suffolk and Nassau Foreclosure Defense Lawyers
Alternatives to Foreclosure
There are specific alternatives to foreclosure that can be explored if your lender has threatened to foreclose or if you have been served a notice of foreclosure. A Long Island foreclosure defense lawyer at Jacoby and Jacoby can discuss these alternatives with you and can work to help them align with your goals for your financial future. It is important that your choice is best not only for you now, but also for you in the long term.
Following are some of the alternatives that an attorney at our firm can review with you:
- Loan Modification:
A loan modification may be an option if you have fallen behind on your mortgage payments and are now facing exorbitant fees in addition to your past due payments. An attorney can negotiate with your lender to modify the terms of your mortgage agreement and possibly work out a payment plan so you can actually catch up and then keep current on your mortgage payments.
- Short Sale:
If you do not want to keep your home but want to avoid foreclosure, a short sale may be the right option for you. In a short sale, you would find a buyer for the house and negotiate with the lender in order to sell it for less than it is worth, but still fulfill your obligation to the lender (i.e. the lender is accepting a lower payoff than what is owed).
Bankruptcy may be the answer to stay foreclosure proceedings. Once you file for bankruptcy, the lender must stop all efforts to follow through with foreclosure. This can give you valuable time to negotiate with the lender or work out another way that you can keep your home.
- Deed in Lieu of Foreclosure:
A deed in lieu of foreclosure is another option for a homeowner who wants to avoid foreclosure but does not mind losing his or her property. With a deed in lieu of foreclosure, the homeowner would effectively give the property back to the lender without further damaging his or her credit due to foreclosure.
Consult a Long Island Foreclosure Attorney
If you are facing foreclosure in Long Island, Suffolk or Nassau, New York and would like to discuss your alternatives to foreclosure with a skilled attorney, contact Jacoby and Jacoby today. We are happy to offer you a free consultation to discuss your options at this point.
Contact a Long Island foreclosure defense lawyer at Jacoby and Jacoby today!