Do not lose your home this holiday season. If your home is facing foreclosure, the last thing you want to do is ignore it. Mr. Stein, the Head Attorney at the Law Offices of Alan C. Stein, P.C. has provided people the miracle of saving their homes and avoiding foreclosure for over 20 years. Read below for Ten Tips to Avoid Foreclosure, brought to you by Mr. Stein:

  1. Communicate with Your Lender: Your lender does not want your home; your lender wants the payment. Contact is vital in a time like this. If your lender is trying to contact you, respond. Open any mail you receive, and inform yourself about the foreclosure prevention options they may offer. Contact your lender and inform them of your financial hardship, and you may be able to postpone a payment.
  1. Educate Yourself about Your Rights: Even if you are struggling to make a payment, that does not mean your lender may subdue you to ill treatment. Thoroughly inform yourself about your loan so that you know your rights. If you have questions, a great source to find out your rights in your state is the State Government Housing Office.
  1. Know Your Free Sources of Information: The internet is filled with thousands of websites that tell you have to keep your home, be careful in what you chose to trust. The Housing Office has a website designed to help those who are facing foreclosure:
  1. Do Not Fall for Scams: Thousands of websites will try to target you in your weakest hour. Mortgage modifications are not simple, not guaranteed, and should be done by a professional. If you decide to have this burden taken care of, you should consult with a lawyer, in person, about your financial circumstances to decide the option that is best for you.
  1. Know Your Options: Avoiding foreclosure has many paths, each having its own consequences. When you are considering applying for special assistance or filing a bankruptcy petition you’re credit-rating, past armed service history, and loan history, will be taken into account. Another option is bankruptcy, but again, only commit to the process of filing with a trusted attorney.
  1. Bankruptcy Options: Chapter 13 Bankruptcy allows you to repay arrears over 5 years. Both Chapter 13 and Chapter 7 bankruptcy petitions may allow you to modify your mortgage and have a bankruptcy court judge involved. Sometimes we may eliminate 2nd mortgage plans. It is important to remember that Bankruptcy is not just a last resort, but may be used to help you save your house and reduce your payments.
  1. Try to Keep Your Payments Current: If you are facing foreclosure, odds are that that is not your only financial hardship. With the holidays coming up, credit card use is increased exponentially. When facing your monthly bills, choose paying your mortgage over paying your credit cards! Credit card collection agencies are the first to call and demand payment. They will be ruthless, persistent, and aggravating. Mortgage collectors generally operate via mail, which is timid, but a huge time consumer when you are trying to become current on your fees. Not paying either with hurt your credit score, but paying your mortgage is the only payment that will ensure you and your family keeps your home.
  1. What To Do If You Are Served: If you are served with a foreclosure, this is just the start of the process. A summons and complaint needs to be answered in 20 days in order to avoid a default to be taken against you. It is vital to avoid a default, because you would be prevented from raising defenses that you may have been entitled to argue and would lose your home sooner than later.
  1. What To Do If You Receive a Notice of Sale: If you receive this document, several choices exist to prevent the sale from proceeding including bankruptcy and brining an order to show cause to stop the sale for a good reason. The order to show cause is up to a judge’s discretion so it is not guaranteed, but depending on your circumstances may be successful.
  1. Call the office of Alan C. Stein, P.C. for a free consultation at (516) 932- 1800 or visit our website at for more information about our services.