Foreclosure Filings Rising

For many people, Long Island and the American dream of home ownership were synonymous. People felt as though they could purchase a home and live the life they imagined. Things seemed well and good, and money was cheap and free flowing.

Since the real estate “bubble” burst, Long Islanders have suffered dramatically. Foreclosure rates are among the highest in New York state. No one knows when the real estate market will rebound but, for now, many Long Islanders are struggling to survive and stay current with their mortgage(s). Many of us are not succeeding.

However, there has been significant and protective legislation to protect homeowners. Just because a foreclosure action is commenced by your lender, it does not mean that you will be kicked out of your home tomorrow. Due process prevails. Indeed, while the rise in foreclosures is troubling, there is some breathing room. For instance, in New York state, homeowners are entitled to a 90-day pre-foreclosure notice before a lender can begin a foreclosure action. This notice is required to include a list of at least five not-for-profit housing counseling agencies that can assist homeowners at risk of foreclosure.  Sometimes, these organizations can even assist with loan modifications.

LH&M is uniquely familiar with the foreclosure process and the protections afforded homeowners. Contact us to find out more.

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