What good does consulting a Long Island foreclosure attorney do you? How can they help you avoid or go thru foreclosure? Below are a few answers that you might find elucidating.
Loan Document Audit
A Long Island foreclosure attorney has two things to offer when it comes to loan auditing. First, they have the expertise to sort thru your loan documents and make sure that everything is in order. This is a lot harder than you think. This is because there are several laws relevant to home loans and foreclosure. It is the proper interpretation of these laws and the correlation of one with the other that makes it so hard to know if the loan offered to you, and signed by you is 100% legit. Also, aside from the documents itself, a lawyer will make sure that the proper process of application and approval was conducted.
Second, in case there is something wrong with the loan documents or the proper procedure was not followed, then they can actually demand that the proper correction and appropriate remedies be given to you. Bear in mind that once you start accusing your bank/lender of misdeeds, you will be blocked by their crack legal team. How can a non lawyer defend you or make a proper reply if the venue has been moved to the court? The answer is they cannot. Inevitably you will be made to hire a lawyer.
A seasoned Long Island foreclosure attorney can perform an audit of your loan documents and tell you feasible options at your disposal. This will allow you to make an informed choice. Bear in mind that there is the option of loan modification. Generally speaking there are two types: government mandated/regulated; and elective. If you do not qualify for the former, then you need to apply for the latter.
Foreclosure is Inevitable
Realistically speaking, for some individuals, foreclosure is their only option. This is because they took out a loan that is way beyond their capacity to pay. No amount of modification can change an individual’s financial capacity or lack of it.
A Long Island foreclosure attorney can tell you straight to your face to allow the foreclosure. This is as opposed to being given empty promises and bad advice that will only get you sunk more into debt.
Foreclosure Horror Story
A Nevada based company styled themselves as foreclosure prevention experts. One company even had the audacity to call themselves Federal Housing Authority, even if they had no license to do so, and are not connected in any way with the government. These are non lawyers and non paralegals with little or no basis for their claims as experts.
Their trick is to dupe consumers into waiting things out and do nothing; all the while collecting hefty fees. They said that it is best to stop paying mortgages because if they keep paying the same, their lender will not negotiate. As a result, majority of clients that signed up eventually get foreclosure demand letters. The company then promised to escalate the matter to their negotiation team. All the client needed to do was wait. Negotiations should take anywhere between 1 to 6 months. The important thing was for the client to stop communicating with their banks and lenders. They kept promising their clients that even if their current lender won’t play ball, they could always apply for a refinance form another bank or lender.
In the meantime, these so called experts told their clients to sign up for credit repair, for a separate fee that is. This will help them get a refinance from another bank or lender.
After a little less than 3 years of operation, the company closed down. The CEO and board were indicted with fraud. Most of their clients suffered thru foreclosure. What was worst, some of these individuals could have applied for and gotten a deal with the bank.