Loan Modification | Negotiating With The Lender
Whether you are current on your monthly mortgage, falling behind or in foreclosure, Mortgage Modification may be an option for you.
Mortgage modification is also known as loan modification and is an attempt to make changes to your monthly mortgage payment to accommodate some hardship. The goal is to create a monthly payment that you can afford until your financial situation recovers.
Mortgage loan modification can be used to reduce monthly payments, adjust interest rates and/or to push delinquent payments off to a later date.
Since the mortgage meltdown, many lenders will offer mortgage modifications as an alternative to foreclosure.
It is important to understand that approval of your mortgage loan modification is completely up to the lender and because of this, the success rate is extremely low.
Typically, the homeowner will provide a package of documentation to the lender including, but not limited to:
■ Bank statements
■ Pay statements
■ Income Tax Returns
■ Profit/Loss statements
■ Details on recent hardships or changes in financial situation
Understand that you do not need to hire a lawyer to get approved for a mortgage loan modification, however, the advice of an experienced mortgage modification lawyer can be helpful.
Please be wary of third-party mortgage modification companies charging fees and promising to get your modification approved. These offers are typically “fool’s gold” as nothing is guaranteed with mortgage loan modifications.
It is advisable that before taking any action, you consult with an experienced mortgage loan modification lawyer.
If you live in Long Island or Queens, call today to schedule a free, no-obligation, informal consultation either in my office, over the telephone, at your home or at a coffee shop near you. We will discuss your situation in detail and together, we will determine if attempting a mortgage loan modification is right for you.