Many homeowners continue to struggle with mortgage payments that are too high and with loans that exceed the value of their homes. If you are in this situation, mortgage modification may provide you with a solution.
Mortgage modification refers to making a change to the terms of your existing mortgage.  Modifying your loan could provide you with significant financial relief and can help you to avoid foreclosure or fear of losing your home. An experienced Long Island debt relief and bankruptcy lawyer can help you to understand the different options that are available to you for modifying your mortgage so you can make an informed choice and protect your interest in your house.
Options for Mortgage Modification
To help struggling homeowners, the federal government has created incentives for lenders to allow mortgage modifications. There are many different programs available as part of the federal government’s Making Home Affordable (MHA) initiative.  For example, options to modify a mortgage made possible by MHA include:

• The Home Affordable Modification Program (HAMP) which lowers your monthly payments to 31 percent of your income.
• The Principal Reduction Alternative (PRA), which reduces the principal balance of a mortgage on a home that is underwater (i.e. you owe more than the value of the house)
• The Second Lien Modification Program (2MP) which makes it possible to modify a second mortgage for individuals who have qualified for HAMP.

Other options also exist for veterans or for individuals who have their home loan guaranteed by the USDA.
 How to Obtain Mortgage Modification in Long Island
The federal government does not modify your mortgage for you through these programs, but instead offered incentives to lenders to allow modifications. This means that you will need to go through your mortgage lender to change the terms of your home loan.
When you are interested in mortgage modification, you should contact your lender as soon as possible to find out what programs you may be eligible for and what the requirements are. Be sure to get everything in writing so you will understand exactly what you need to do. When sending correspondence to your lender, you should also keep copies and ensure that you get confirmation that documents have been received.
Despite the incentives for lenders to help struggling homeowners, not all lenders are cooperative in allowing for mortgage modifications. Some lenders will use delaying or stalling tactics or will be dishonest in dealing with their customers when it comes to the modification of loans.
To protect yourself and ensure you have the best opportunities presented to you for modifying your mortgage, consider seeking legal representation from an experienced Long Island debt relief and foreclosure attorney.
The Law Office of Ronald D. Weiss, P.C. has 25-years of experience helping people who are struggling with debt problems. Call or contact us online today to learn more about how we can represent you and help you modify your mortgage.