Although no homeowner wants to see their home foreclosed upon, some individuals in Long Island may be facing this prospect. Unfortunately, many instances of foreclosure are based on factors that the homeowner could never anticipate or are not the homeowner’s fault.
For example, rising costs of gas or food could make it difficult to meet your mortgage payments. In addition, what if you lost your job or racked up significant medical bills due to an illness? How can you pay your mortgage in these circumstances? Moreover, what if housing prices drop so significantly that the amount of debt you owe on your home is far in excess in what the home is valued at?
Individuals in Long Island may wonder whether there is anything they can do to address the foreclosure of their home, if foreclosure is on the horizon. Fortunately, there may be some options for homeowners in such situations. Sometimes it may be possible to work with the mortgage lender to create a compromise. In other cases, homeowners may want to file for Chapter 13 Bankruptcy. Doing so might put a stop to foreclosure actions on one’s home or could in some cases keep the home from being foreclosed upon altogether. This is because through a Chapter 13 Bankruptcy, individuals can create a payment plan that allows them to address missed mortgage payments and make payments in the future.
The attorneys at Macco & Stern, LLP, understand that homeowners facing foreclosure are in a difficult situation. They seek to help individuals in such situations save their homes. The firm offers a webpage on foreclosure defenses that homeowners may want to take a look at, in order to learn more about their options.