There are many reasons why a homeowner in Long Island could be facing foreclosure, and many of these reasons are beyond the homeowner’s control. For example, predatory lending played a major role in the foreclosure crisis, and many people could not anticipate that the value of their home could drop so significantly that the amount they owed on their property far exceeded the property’s worth.
Moreover, economic factors beyond one’s control such as increasing costs of gasoline, fuel and food, combined with the fact that wages have not increased to meet these costs could make it difficult for a person to pay their mortgage. In addition, a job loss or serious illness could result in a lack of income or insurmountable debt.
Facing foreclosure is something no homeowner wants to go through. Those who find themselves in such situations may wonder if there is any way they can keep their home. This is when it can help to have an attorney by your side to explain your options.
For example, Chapter 13 bankruptcy may be one way some homeowners can stop foreclosure on their homes. By filing for Chapter 13 bankruptcy, the debtor may be able to restructure his or her missed mortgage payments so that he or she has the time necessary to pay back the arrears. In addition, an attorney may be able to help debtors seek a workout or other legal solutions with their mortgage lenders with regards to any home equity loans or second mortgages they may have. In some cases, it may even be possible to discharge these loans altogether.
As you can see, while foreclosure is undoubtedly a serious situation, debtors may have options. The legal professionals at Macco & Stern LLP can help debtors facing foreclosure learn more about their options so that the homeowner can pursue an appropriate course of action.
