Long Island Loan Modification Lawyers
Experienced Representation in Babylon and Long Island
When you experience financial difficulties, it is easy to fall behind on your mortgage payments and other bills. If you have an adjustable-rate mortgage, the interest rate can be adjusted to the point where you can no longer make a dent in your principal. If this sounds like you, it is time to find a solution that will relieve you from crushing debt and give you long-term financial freedom.
What is a Loan Modification?
A loan modification is an agreement between a mortgage holder and the lender whereby the original terms of the loan are modified for the mutual benefit of both parties. By agreeing to change the home loan terms, the borrower can better afford their monthly payments, and the lender can recoup the money invested in the initial loan. This differs from foreclosure, where both the homeowner and the bank lose money.
Loans, whether commercial loans for businesses or mortgages for homeowners, may be modified in the following ways:
- The payment amount is changed
- The length of the loan is altered
- The interest rate is lowered
- The interest rate is converted from an adjustable to a fixed rate
- A past portion of the balance is delayed or forgiven
- A balloon payment is extended beyond its original due date
- Past fees that are due are waived
Your monthly payment is generally reduced to an affordable amount through these modifications. Loan modifications differ from refinances, where a new loan is entered into between you and a lender; a loan modification instead involves your original loan. It is an addition to your original loan agreement and documentation.
What are the Eligibility Requirements for a Loan Modification?
One of the most crucial factors in the loan modification process is arranging the terms for something you can afford. Your housing expense should generally be at a 25 to 45 percent share of your gross income in a home loan. After determining this, you will need to qualify for a modification with your lender.
In the case of a home loan, you will generally need to show that the home in question is your primary residence, that you have undergone some severe financial hardship that makes your current payment unaffordable, and that your income is enough to afford a more reasonable payment.
The eligibility requirements will need to be proven through such financial documents as bank statements, tax returns, pay statements and more. Additionally, you may need to provide a written explanation to your lender about the hardships that have led to your situation.
New York Loan Modification Laws
You may run into companies that provide loan modification assistance for a fee upfront. However, you should avoid them. Under New York law, collecting a fee upfront for a loan modification is prohibited. Fees for this service can only be collected after the service has been completed.
How Long Does a Loan Modification Take?
Lenders generally have 30 days to respond to your submission of a loan modification. Once the lender receives your documents, you are optimally assigned to someone who will be in charge of your case and be given this person’s contact information.
You also have a right to be given documentation of your current loan status, including your balance and history of payment, and the same legal entity that owns your loan.
Contact Our Loan Modification Lawyers Today
Fine Law Offices represents clients in New York, New Jersey, and Connecticut in assisting homeowners facing foreclosure. Negotiating with lenders to obtain a loan modification can be a daunting task. The skilled and experienced Long Island loan modification attorneysat our firm know the ins and outs of this process and can greatly improve your chances of obtaining a loan modification to stop the foreclosure of your home.
We work within your budget, offer flexible payment plans, and have a high success rate. We have handled millions in loan modifications for clients across the Tri-State area. Our firm provides reliable and aggressive legal representation and the knowledge needed to negotiate with lenders on your behalf successfully. We have experience with both lenders and borrowers and are well-versed in the regulations and laws in New York, New Jersey, and Connecticut. We can help you negotiate with your bank and reach a mutually-beneficial agreement.
Always available to answer questions, always made us feel at ease with the process.- Jacob A.
Fine Law Offices is a God send.- Julia C.
Excellent Law Firm and I feel that I am in good hands.- Steven C.
It's been a pleasure working with the foreclosure lawyers at Fine Law Offices.- Josh B.
Quality work, thank you!- Nick B.
Tiered Payment System
We understand that a lack of funds led you to this situation so you can pay your legal fees in three installments.
Continue Living in Your Home While We Fight Your Case
You can have peace of mind and a roof over your head while we handle everything for you. You can go about your life without worrying about the possibility of having to move house.
We Can Help You Avoid a Deficiency Judgment
A Fine Law foreclosure attorney can help you to avoid owing any outstanding monies beyond a foreclosure.
You'll Have a Higher Chance of Stopping the Foreclosure
Our foreclosure attorneys will know the most appropriate course of action you should take. We have an impressive success rate when it comes to stopping foreclosures, saving our clients $34 million cumulatively along with all the heartache saved along with their homes.
We Won't Let Anyone Exploit You
We are dedicated to protecting hardworking people here on Long Island from unscrupulous mortgage lenders, banks, and attorneys who exploit vulnerable people experiencing financial crises. We know exactly how to combat the underhand tricks they employ by fighting back legally.
It'll Save You From Stress and Anguish
You won't have any contact with your creditors as they are required by law to speak to the foreclosure attorney.