Monday, August 23rd, 2010
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.
Tags: Loan Modifications, long island, Long Island Loan Modifications
Posted in Loan Modifications | No Comments »
Monday, June 14th, 2010
Many variables go into the complicated process of finalizing your Long Island mortgage modification. Given the process’ complexity and an increase in loan modification requests, you must exercise patience. Our experience with loan modifications says plan for a month or more until your mortgage holder completes your
Long Island loan modification.
In case you are unfamiliar with loan modification, also called
mortgage modification, let’s revisit its definition. A loan modification is a permanent change in one or more of the terms of your Long Island mortgage in order to achieve a payment you can afford and avoid foreclosure. Working along side an attorney with expertise in
Long Island mortgage modification can keep the loan modification processes moving forward in speed and in the right direction for your specific needs. Our attorneys can work with you to quickly assess if you are eligible for a mortgage modification in the first place.
If you qualify, the necessary legal documents can then be completed and compiled accurately in order to efficiently move your loan modification into the processing stages without errors. If you don’t know what questions to ask your lender, what documents to complete, what information to share and how best to characterize that information, your loan modification process can slow significantly.
Patience with mortgage modification is a must since no guaranteed processing time exists and every Long Island homeowner’s situation differs. The length of time it takes to obtain a loan modification depends on your lender, how long it takes you to provide the information required, and how severe your financial troubles are surrounding your Long Island mortgage.
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Tags: loan, Loan Modifications, Mortgage Modification
Posted in Loan Modifications, Mortgage Modification, Stop & Prevent Foreclosure | No Comments »
Thursday, April 22nd, 2010
Long Island mortgage modification—also known as loan modification—refers to when a borrower works with their lender to change the terms of the mortgage to make it affordable. The borrower qualifies for loan modification on their Long Island mortgage because he or she is facing great financial hardship, is having difficulty making their mortgage payments and is facing foreclosure. Long Island mortgage modification varies by lender, but the process results in temporary or permanent changes to the mortgage rate, term, and monthly payment. The past due amount can also be rolled into the loan, and the new balance gets re-amortized.
Just like the process of obtaining a mortgage is full of complicated details, the same holds true for the loan modification process. For Long Island mortgage holders with severe financial troubles, working with an attorney to sort through these details ensure that you understand the terms of your reinstated loan, protect your interests, and keep lenders accountable.
The federal government working through the “Home Affordable Modification Program”—the program unveiled by the government in February 2009 to help struggling homeowners—plans to standardize mortgage modifications with uniform loan modification guidelines used by Fannie and Freddie Mac. These mortgage modification standards would then be implemented throughout the entire mortgage industry.
Until this standardization takes place, LI homeowners remain largely on their own to navigate mortgage modification. It is important to read all documentation and ask as many questions of your lender as you need until you understand the terms of your loan. It is also wise all along in the process to keep detailed notes on who you speak with and what the conversations were about so you have documentation down the road if you are faced with foreclosure.
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Tags: Loan Modifications, Loan Negotiations
Posted in Loan Modifications, Loan Negotiations | No Comments »
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