Mortgage modifications involve changing the terms of your mortgage loan.  The Making Home Affordable Program developed a number of different solutions for homeowners in danger of foreclosure following the subprime lending crisis that occurred in 2008.
Many homeowners can qualify to have their mortgage payments lowered as part of the Making Home Affordable Program. This could help you to avoid foreclosure and relieve financial stress you may feel if your mortgage payments are too high.

Long Island Mortgage Modification: How Can It Help Me?

There were many different mortgage modification solutions created by the Making Home Affordable Program.   You will need to speak with the lender who holds your mortgage in order to determine what modification solutions are available based on your situation.
Some of the different possible modifications that may be available include:

• Programs that reduce your monthly mortgage payments to no more than 31 percent of your pre-tax income.
• Programs that allow you to refinance a home even if you owe more than the house is worth.
• Programs that allow you to refinance a second mortgage or to lower payments on a second mortgage.
• Programs that make it possible for you to reduce the principle balance that is due on your home.
• Programs to allow unemployed individuals to suspend payment of their mortgage for up to 12 months.
• Special programs designed to help veterans facing foreclosure

There are specific eligibility requirements for each of these different programs, and the options available to homeowners can vary depending upon the lender that holds their mortgage.

Get Help with Long Island Mortgage Modifications

Although the government stepped in to help struggling homeowners, not all lenders have been cooperative with implementing the Making Home Affordable program and helping those who cannot pay their bills.
Some lenders make it difficult for homeowners to participate in mortgage modification programs.  They may be slow to provide information, they may “lose” paperwork and they may otherwise be uncooperative in facilitating the modification of your loan.
You need to understand your options and you need to do everything possible to protect yourself when trying to save your house. This means doing things like sending all correspondence registered mail with return receipt requested so you have proof that documentation and paperwork was filed.
This can also mean speaking with an experienced Long Island debt relief attorney. A lawyer can help you to deal with your lender and to respond to any foreclosure actions. Bankruptcy can also be a solution to prevent foreclosure by giving you more time to try to modify your mortgage, and can make it easier for you to negotiate with your lender.  An attorney can advise you if bankruptcy is a viable solution that will help you to save your home.
The Law Offices of Robert D. Weiss, P.C. assists homeowners who are in danger of foreclosure. Call today to schedule a consultation and learn how we can help.