A loan modification is a long-term solution for Long Island (LI) residents who will never be able to repay an existing loan. Not long ago, our attorneys found many people unfamiliar with LI loan modification agreements. But today, rising numbers of Long Island homeowners facing an upcoming adjustment in their payments under adjustable rate mortgages are in a panic from deep drops in real estate values coupled with tighter credit requirements. As a result, more and more Long Island residents are realizing that losing their homes to foreclosure could be a real possibility. Homeowners are also learning that loan modification may be the answer for saving their homes – the biggest investment of their lives.

 

A loan modification works by negotiating with your lender for a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. But many homeowners find that negotiating with the bank for a loan modification can be overwhelming. This is why retaining the services of our experienced Long Island attorneys leads to a much higher success rate than negotiating on your own.

 

Our lawyers are very familiar with the Long Island loan modification process and can represent you in bringing your mortgage lender to reasonable terms that will save your home and get you a payment you can afford. Above all, it is important to remember that no matter what the reason is for your difficulty in paying your mortgage payments, millions of Americans are struggling with the same problem. Begin eliminating worry from your life by contacting us today.

 

• - Have originated your mortgage before Jan. 1, 2009.
• - Be an owner-occupant.
• - Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).
• - Have trouble paying your mortgage due to financial hardship. You will be required to enter an affidavit of financial hardship.
• - Your monthly mortgage payment must also be more than 31 percent of your gross (pre-tax) monthly income.

For most people, a mortgage is the largest amount of debt they’ll take on in a lifetime, and if all goes well (after 30 years) they’ll end up with a valuable, paid-in-full asset.

 

However, 30 years is a long time to count on things always going right. Between today’s economy, the tightening job market, and unforeseen medical problems, there are a slew of hurdles that can impede a homeowner’s path to holding a home title free and clear.

 

If you’re one of the hundreds of thousands of Americans who find themselves in a situation where income is dwindling (or obligations are expanding), there are a variety of options available to you to help you achieve a mortgage reduction in Long Island

 

Mortgage reduction for Long Island homeowners can be achieved via a variety of means, including:

 

EXTENDING THE LIFE OF THE LOAN:  Given the backlash against the lending industry (and the unprecedented bailout money offers to them), lenders today have more incentive than ever to implement programs for mortgage reductions for Long Island homeowners. One method is to extend the period of the loan, and 40-year loans are becoming an increasingly more common means of getting people into a house and helping current homeowners modify a mortgage obligation to a more manageable level.

 

RATE REDUCTION:  With a glut of homes in foreclosure, lenders who were once unwilling to renegotiate terms are now more willing to work to implement a program for mortgage reduction for Long Island homeowners. A foreclosed property costs money to maintain, and banks are facing increasing pressure from communities who are cracking down on lenders who let a foreclosed property get run down. Between the property taxes, yard maintenance costs, and water bills to keep up a property’s curb appeal, lenders have come to realize that it is fiscally prudent to develop a program for mortgage reduction for Long Island homeowners than it is to proceed immediately to foreclosure. Many attorneys now specialize in loan modifications, and can guide you through this process of negotiating a rate reduction.

 

If you’re a struggling homeowner, don’t give up hope – there are methods available to help keep you in your home. With a little research and assistance from an attorney who specializes in developing programs for mortgage reduction for Long Island homeowners, you can keep avoid foreclosure and remain in your biggest asset – your family home.

 
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Many homeowners today struggle when it comes to meeting their monthly mortgage obligation. Whether it’s because of the loss of a job or a reduction in hours, unexpected medical bills, or a change in life circumstances (such as divorce), the payment that was once manageable can easily become a financial albatross.  

 

But there is one benefit from today’s economic downturn – now lenders have more incentive than ever to implement programs that give loan reductions to Long Island homeowners.

 

Lenders have finally conceded that it’s far more prudent to help consumers with programs that feature loan reductions for Long Island homeowners, than to deal with yet another foreclosed property that will most likely languish on the market for months (during which time, they are responsible for maintenance, taxes, and homeowner fees.)

 

While there are many avenues of relief available to you if you are struggling, an attorney who specializes in loan reductions for Long Island homeowners is your best bet when it comes to garnering the cooperation from usually callous lenders who tend to see you as an account number on a file rather than a human being.

 

How do these programs that offer loan reductions for Long Island homeowners work? There are a variety of ways to modify or reduce a loan, including negotiating an interest rate reduction, developing a separate payment plan for past due amounts, and even resetting your loan balance to your home’s current market

 

And while you can try to negotiate terms and modifications for loan reductions for Long Island properties yourself, that’s not usually the best choice. Think about it – you’re doing this for the first time (or at least trying to), while a professional attorney who specializes in programs that offer loan reductions for Long Island homeowners does it on a daily basis.

 

Attorneys not only know the process, but they’re familiar with each particular lenders rules and guidelines. More importantly, they know which lenders make exceptions in their rules and guidelines. Just because a lender tells you they never give rate reductions doesn’t necessarily mean it’s so. A consumer might take them at their word, but a competent attorney adept in negotiating loan reductions for Long Island homeowners knows otherwise.

 

If you’re a struggling homeowner, don’t despair, because help is out there. By working with a reputable, experienced attorney who specializes in loan reductions for Long Island properties, you can start down the road to recovery, instead of down the road to foreclosure.

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With the slew of mortgage modification programs available today, how can homeowners choose the best one for their respective situation? How do you know if a mortgage modification program is right for you, or if there is indeed some other better alternative out there?

 

Oftentimes, homeowners feel that conceding to foreclosure or even bankruptcy are the only viable alternatives available to them. But with today’s economic stimulus packages, however, hope is at hand. The government sensibly realizes that home ownership fuels national economic stability, so they’ve created numerous mortgage modification programs that can give you the breathing room you need and help you regain your financial footing

 

A mortgage modification program may indeed be right for you, but as with any government program there are regulations and criteria. Most programs require owner occupancy (i.e., not a rental or investment property), and preclude the borrower from having a large amount of unsecured debt (i.e., credit card debt.)

 

But don’t despair, because even if you have substantial unsecured debt, there are other types of mortgage modification programs that exist to help you as well (usually with the caveat of mandated consumer credit counseling.)

 

An exorbitant monthly mortgage payment can truly be an albatross around your neck – the one thing weighing you down and holding you back from gaining traction to shore up your financial footing. Whether you’re a victim of a balloon payment come due or an astronomical rate adjustment, the right mortgage modification program can tame that savage beast and give you financial peace of mind.

 

We invite you to contact us today and let us show you the array of mortgage modification programs that are available to you, so you can put your financial worries to rest and start living a better tomorrow – today.

 

 

  

Today’s tough economic times have brought one welcome consolation to homeowners in distress – an unprecedented chance for loan modifications on home mortgages.

 

The recent unveiling of the government’s $75 million dollar program gives homeowners an array of options for loan modifications – ones that can help keep homeowners in their homes, and reduce their monthly payments to something far more affordable.

 

While there are restrictions and oversights on the programs, these stability plans and loan modifications can oftentimes cut a monthly mortgage payment in half (which goes a long way in assisting struggling homeowners in regaining their financial footing.)

 

As experienced attorneys specializing in loan modifications, we know you have questions:

 

• Are any of these loan modification programs right for me and my situation?
• How do I qualify?
• What steps do I have to go through?
• How much money can I really save?
• What are the fees and costs?

 

 

If you’re a struggling homeowner, these new programs were designed specifically with you in mind!

 

Rest assured, the American Dream is not dead. And  now – with  the help of a wide assortment of loan modifications available today – it’s no longer dying, either.

 

These programs may be just the lifeline you need, but there are complexities involved. You just need guidance from an experienced professional.

 

At the Law Offices of Ronald Weiss, we’ll help you sort through the sea of programs and paperwork, and get you started on a path to calm your financial turbulence as you set sail for a more secure tomorrow. 

 

Today’s tough economic times have brought one welcome consolation to homeowners in distress – an unprecedented chance for loan modifications on home mortgages. The recent unveiling of the government’s $75 million dollar program gives homeowners an array of options for loan modifications – ones that can help keep homeowners in their homes, and reduce their monthly payments to something far more affordable. While there are restrictions and oversights on the programs, these stability plans and loan modifications can oftentimes cut a monthly mortgage payment in half (which goes a long way in assisting struggling homeowners in regaining their financial footing.) As experienced attorneys specializing in loan modifications, we know you have questions:   - Are any of these loan modification programs right for me and my situation?   - How do I qualify?   - What steps do I have to go through?   - How much money can I really save?   - What are the fees and costs? If you’re a struggling homeowner, these new programs were designed specifically with you in mind! Rest assured, the American Dream is not dead. And  now – with  the help of a wide assortment of loan modifications available today – it’s no longer dying, either. These programs may be just the lifeline you need, but there are complexities involved. You just need guidance from an experienced professional. At the Law Offices of Ronald Weiss, we’ll help you sort through the sea of programs and paperwork, and get you started on a path to calm your financial turbulence as you set sail for a more secure tomorrow.