Sadly, this has meant that many Americans are now uncertain about their economic futures or, have received, or are on the verge of receiving bad news about their jobs and livelihoods. For most families who do not have a stockpile of emergency savings, this is a crushing blow to both their economic hopes and dreams and day to day lives.
One step many can take in the early days of an economic crisis is modifying a home loan to lower the payment or temporarily suspend them using a Long Island, New York loan modification lawyer.
What does President Trump’s national emergency laws and executive orders do?
To many, it is no secret that the U.S. government, like many other governments worldwide, is taking extraordinary actions to stop the spread of coronavirus. This means the shuttering of bars, restaurants, nightclubs, gyms, and a litany of other establishments where more than 10 or more people regularly gather and are dependent on that revenue.
The travel sector is also facing a drop-off in business that, through many reports, exceeds the of 9/11 and, in order to survive, is laying off workers, cutting executive pay, and appealing to the government for a bailout. In these times, almost every American is being negatively impacted by the economic and potential health effects of coronavirus.
For those who get sick, a much longer road to recovery, a return to work – if a job still exists – and medical bills will be a daily fact of life which leads many to get into medical and consumer debt just to stay afloat.
How does this impact potential loan modifications or foreclosures?
For many looking to preserve their cash, a loan modification at a lower interest rate is likely the best way to preserve cash and continue in good standing with their bank and credit bureaus.
Using a Long Island, New York loan modification lawyer, you can work with your bank or other lending institution to help ensure your payments are reduced or elongated over time to meet your financial needs.
Your Long Island, New York loan modification lawyer will also know how to deal with the bank so you are in the best possible position when you’re negotiating whether to modify your loan or, if need be, suspend payments for a proscribed time based on your financial situation.
If you have lost a job or jobs in your household and face the prospect of no income or a severely reduced income then you may be subject to a home foreclosure through no fault of your own. Your Long Island, New York foreclosure lawyer can negotiate with the bank on your behalf and represent you before any court proceeding to help protect your legal rights.
Every foreclosure process is difficult for a variety of reasons, including emotional and financial ones, and your Long Island, New York foreclosure lawyer is able to help put you in the best position to ensure that your long-term financial interests are not adversely affected.
What can I do today to protect my legal and financial options?
There is no easy economically tumultuous time for many families, and, in recent times, there will be many difficult decisions Long Island, New York residents will have to make in regards to their personal financial situation.
President Trump’s executive orders and the bills he has signed into law, while designed to ensure public health is preserved or improved, is taking a large toll on the economy. Now is the time to look at your household budget and begin to determine what you can and cannot afford in regards to your household budget.
A Long Island, New York loan modification lawyer can help guide you regarding your financial options and the amount of money a loan modification can save you.
No matter your personal financial situation, a Long Island, New York loan modification lawyer or Long Island, New York foreclosure lawyer can help ensure that any damage to your financial history – such as credit and payment histories – is as limited as possible.
Our attorneys are familiar with dealing with loan modifications and what banks or other lenders need to grant them. Call our firm today at (800) 939-3819 for a free consultation to preserve your legal rights.