Trusted Legal Guidance for Homeowners Facing Foreclosure
Dealing with debt is stressful enough without worrying about losing your home. At the Law Office of Bradley D. Schnur, Esq. P.C., we help individuals and businesses explore their options defending foreclosure lawsuits, for stopping or slowing the foreclosure process or for potentially reaching an agreement with a lender that allows them to remain in their home or building.
Our aim is to put you in the best possible place while reducing the stress of foreclosure or debt collection harassment. We understand that financial difficulty can hit anyone at any time, especially in the wake of COVID-19. Attorney Bradley D. Schnur combines an empathetic approach with decades of experience in helping clients in Nassau County, Suffolk County and Queens resolve a wide range of debt and foreclosure related problems.
You May Be Able to Restructure (Modify) Your Home or Commercial Mortgage Loan
Many lenders are often willing to modify the terms of a mortgage loan in order to assist the customer and help them stabilize their financial situation so they retain the property and can make monthly mortgage payments without falling further behind.
Loan modifications may involve the lender or servicer:
- Lowering the monthly mortgage payment by lowering the interest rate and/or extending the term on your current loan
- Deferring (and in rare instances forgiving) a portion of the outstanding principal balance
- Converting the loan from a variable interest rate to a fixed rate so your monthly payments will not fluctuate
- Agreeing to a repayment plan where the borrower agrees to repay the arrears (delinquent amount) over a set period of time in addition to making the regular monthly payment. Sometimes the borrower will agree to make an upfront payment against the delinquent amount as well
- Entering into a forbearance agreement in which the lender agrees to temporarily suspend or reduce loan payments and allow those payments to be made up at a later date
We help homeowners and owners of commercial properties in Nassau County, Suffolk County and Queens attempt to negotiate a loan modification with their lender by handling the tedious application and paperwork process for the property owner. Our familiarity with loan modification practices provides us with a strong understanding of what information the lender/servicer requires and the options which may be available to you.
If a loan modification is not possible, we can consult with you about other loss mitigation options such as bankruptcy, a short sale or deed-in-lieu of foreclosure so that you remain one step ahead of the lender who may otherwise continue the foreclosure process.
Prompt Action is Critical
When faced with foreclosure, every day becomes critical. If you have received a notice of intent to foreclose from a lender or a foreclosure lawsuit, you must respond immediately otherwise you will lose certain rights. Be proactive.
We invite you to schedule a strategy session with attorney Bradley D. Schnur during which he can review the facts of your situation, discuss options and recommend a course of action. Our foreclosure-related services can generally be performed on a flat-fee basis.
Call 516-932-4400 or use our online contact form to schedule a meeting in our office (we are conveniently located near the Long Island Expressway, Northern State Parkway and the Hicksville LIRR Station) or through video conference technology.