Loan Modifications in New York State | What You Need to Know

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As a homeowner, you understand that there are few things more frightening than missing mortgage payments. Fortunately, there are various strategies available to you. One of those strategies is seeking a loan modification with the assistance of an experienced Rockland County foreclosure defense attorney. If you are behind on mortgage payments, do not wait. Please continue reading and speak with our firm today. Here are some of the questions you may have about loan modifications in New York State:

Do I qualify for a loan modification?

As you know, you cannot simply be removed from your house at the drop of your hat. Foreclosure lawsuits regarding residential properties are assigned to the Foreclosure Settlement Conference Part. Once you are notified of this, you can apply for a loan modification, which will essentially require the bank to take another look at your financial situation to determine whether you qualify for a government loan modification program or the bank’s loan modification program. When requesting a loan modification, however, you will have to provide various documentation detailing the specifics of your financial situation including profit/loss statements, tax records, pay stubs, financial statements, a utility bill, and a financial hardship letter. Our firm can work to ensure that you have all of the necessary documentation ready when you apply for a loan modification to help ensure that you receive this modification as soon as possible.

How can a loan modification help me?

Essentially, after receiving a government loan modification, you will receive a lower interest rate–usually to 2%, and your loan term will be extended to 40 years. This will allow you to get your financial situation back on track by making lower monthly payments. Furthermore, in certain cases, you may receive a lower interest rate from an internal banking program. The program may also forgive excess principal, fix an adjustable rate, or place your defaulted payments at the end of your loan, meaning you can wait to pay those debts until you refinance or sell your home. If you have any additional questions, or you are ready to get started to see if you qualify, please do not hesitate to pick up the phone and give our experienced Rockland County foreclosure defense attorney a call today. Our firm is here to help.

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represent clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.