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Q&A: Should I go into foreclosure?

Investors drove the home sales market up 3.7

Investors drove the home sales market up 3.7 percent in March, swooping in to buy homes at prices that have been battered by the banking meltdown, foreclosures and short sales. Photo Credit: AP, 2008

Q: Due to a disability I lost my job and am now on Social Security. I can no longer afford my home, and I don't qualify for a loan modification. In addition, my home is no longer worth what I owe on it, so I can't sell. I believe my only option is to go into foreclosure. Please help.

A: “The first thing you should do is call us at the Long Island Housing Partnership," says Carol Yopp, the organization's foreclosure program manager based in Hauppauge. The phone number is 631-435-4710. "We will triage your circumstances to the most convenient Housing and Urban Development certified counseling agency on the Island if we can’t meet your needs."

The next step is to fill out an-take package that can be sent out by regular mail, e-mail or picked up at the organization's offices. "This is to gather basic information about your particular hardship circumstances, your income and ownership information on your home. An appointment will then be set up so you can meet with a counselor. If you can’t come to the office, phone counseling can be arranged," Yopp says.

In addition, the organization can make referrals for legal advice if necessary, she says.

Need real estate advice? E-mail realestate@newsday.com.

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