LOAN MODIFICATION

If you are struggling to make your monthly mortgage payments, and facing possible foreclosure, our team at Puleo Delisle, PLLC may be able to help.

A Loan Modification is a permanent change to one or more terms of your mortgage loan, which may include a change in the interest rate, re-amortization of the balance due, extension of the payback term, and/or a reduction in the principle outstanding. The process of requesting a loan modification to change the terms of your mortgage is best handled by a skilled New York loan modification attorney who can guide you through the process.

When a homeowner modifies their loan, the terms and conditions of the loan are changed to meet the homeowner’s current financial situation. The purpose of these modifications is to assist the homeowner who has fallen behind on their mortgage payments, keep their home, and avoid foreclosure. If you are facing a possible foreclosure in New York, an experienced foreclosure attorney may be able to negotiate the terms of your loan with your lender

There are many ways to modify your existing mortgage loan, and we can guide you through the process and assist with the negotiation of:

• Changing from adjustable to fixed mortgage rates
• Increasing the length of the loan
• An extension of payments
• Reducing the current interest rate
• Bringing your mortgage payments current
• Waiving accrued interest
• Reducing the outstanding principle balance
• Forbearance agreements, a short term relief for temporary financial problems (ie: medical, loss of work)
• Short Sales

Who is eligible for a mortgage loan modification?

Your qualification for a loan modification depends on each individual lender, however standard items normally include:

1. You have missed 3 or more consecutive payments, at least 90-days delinquent
2. You have experienced a documented hardship (ie: medical) or a change in your financial situation
3. You are the owner and occupy the home as your primary residence

The main difference between a loan modification and a refinance, is that the homeowner will not need to look for a new loan, rather just modify the existing terms of your loan. This can be extremely beneficial for homeowners who may not have substantial equity in the home, or for those with low credit scores. The goal of the loan modification is for the homeowner to no longer be under the threat of foreclosure as long as the modified loan payments are paid going forward.

Foreclosure Defense

If you are faced with a pending foreclosure on your home, you may feel as if there is nothing you can do to defend yourself. A New York foreclosure defense lawyer can represent you and provide you with all available options to stop the foreclosure, if possible. Our team can fight to help you stay in your home.

Short Sale Negotiation & Representation

If you owe more money on your home than its current value, there may be advantages to a short sale, which allows you to sell the property for less than the full mortgage amount, and relieve yourself of the debt. If you are in this situation, struggling to maintain your monthly mortgage payments, and refinancing is not an option, we can provide you with the options and benefits of a short sale. Our New York Short Sale attorneys can represent you with your lender and potential purchaser for the entire process, including all negotiations.