Long Island Financial Services & Foreclosure

In New York, you typically have 20-30 days to respond to a foreclosure summons and complaint, but the entire foreclosure process can take 12-18 months or longer. The key is acting quickly after receiving that first notice. Don’t wait until the last minute – early intervention gives us more options for negotiating with your lender, filing proper responses, and potentially stopping the foreclosure entirely. Even if you think your situation is hopeless, there are often solutions available that homeowners don’t know about, including loan modifications, payment plans, or bankruptcy protection that can save your home.

Yes, foreclosure proceedings can often be stopped or delayed even after they’ve begun. Options include negotiating a loan modification with your lender, filing for bankruptcy to trigger an automatic stay, challenging the foreclosure on procedural grounds, or working out a payment plan to cure the default. The success depends on your specific financial situation, how much you owe, and your lender’s willingness to negotiate. We’ve helped many Long Island families save their homes even after receiving foreclosure papers. The earlier you get legal help, the more options you’ll have, but it’s rarely too late to explore solutions.

Chapter 7 bankruptcy eliminates most unsecured debts like credit cards and medical bills, but you may have to give up some assets. It’s faster, typically taking 3-4 months, and works best if you have limited income and assets. Chapter 13 bankruptcy lets you keep your property but requires a 3-5 year repayment plan for your debts. It’s better if you have steady income and want to save your home from foreclosure. Chapter 13 can stop foreclosure proceedings and let you catch up on missed mortgage payments over time. Your choice depends on your income, assets, and goals – we’ll analyze your situation to recommend the best option.

Legal fees vary based on your case complexity and which services you need. Foreclosure defense typically involves court filings, lender negotiations, and ongoing representation throughout the process. Bankruptcy cases have court filing fees plus attorney fees that depend on whether you file Chapter 7 or Chapter 13. We understand you’re facing financial hardship, so we offer flexible payment arrangements and will discuss all costs upfront during your consultation. Many clients find that legal representation actually saves money by negotiating better terms with creditors, stopping costly foreclosure proceedings, or eliminating debts through bankruptcy. We’ll give you a clear fee structure before starting any work.

Bankruptcy does impact your credit, but it’s not permanent damage. Chapter 7 bankruptcy stays on your credit report for 10 years, while Chapter 13 stays for 7 years. However, many people see their credit scores start improving within 1-2 years after bankruptcy because they’ve eliminated overwhelming debt and can begin rebuilding responsibly. If you’re already behind on payments and facing foreclosure, your credit is likely already damaged. Bankruptcy can actually provide a fresh start that lets you rebuild faster than struggling with unmanageable debt for years. We’ll help you understand the real credit impact and create a plan for rebuilding your financial future.

While you can try to handle creditor harassment yourself, having legal representation is much more effective. Once creditors know you have an attorney, they must communicate through us instead of calling you directly. We know exactly what debt collectors can and cannot legally do under the Fair Debt Collection Practices Act and New York state law. Many creditors use illegal tactics that consumers don’t recognize, and we can stop these practices immediately. We can also negotiate payment arrangements, dispute invalid debts, and protect your assets from seizure. The stress relief alone is worth it – you’ll sleep better knowing someone is handling the legal aspects while you focus on getting your finances back on track.