Lester and Associates: Loan Modification, New York

If you are having difficulty making your mortgage payments and are trying to avoid foreclosure or short sale, loan modification might be something of interest to you. Loan modification is not available in all situations, although it is much more widely available than in days past as a result of the passage of the Homeowner Affordable Modification Program in 2009. Even better, you do not need to be in foreclosure or pre-foreclosure to seek modification, meaning that in many circumstances, loan modification allows you to correct your financial issues before they spiral out of control. The attorneys at Lester & Associates have tons of experience serving clients seeking loan modification in Long Island and Suffolk County, and would love to help you with this.

The Homeowner Affordable Modification Program (HAMP)

In 2009, President Obama announced HAMP, a program created to provide financial assistance to millions of homeowners in danger of having their homes foreclosed. HAMP provides for assistance for up to nine million homeowners, to help avoid foreclosure.

If you do not want to seek loan modification through a government program, you do not have to; it can be sought directly through the lender, as well. Our experienced Long Island loan modification attorneys have assisted many Suffolk County residents with financial troubles seeking loan modification, and we can help you too.

The Benefits of Loan Modification

Loan modification means the terms of your mortgage are modified from their original terms. You do not have to be facing foreclosure to seek loan modification. Being proactive about considering and seeking loan modification often avoids foreclosure. Even if you have not been proactive, you still may qualify for loan modification. There is no requirement for your mortgage to be current when you apply for loan modification. You can be current on your mortgage, late, in default, in foreclosure, or even in bankruptcy and still apply for modification.

If you are having trouble paying your mortgage, a loan modification might be right for you. When your loan is modified, your monthly mortgage payment is lowered, hopefully by an amount that allows you to remain in your home without any further issue.

How are Mortgage Loans Modified?

Mortgages can be modified in a number of ways to the benefit of the borrower. The interest rates of the mortgage can be reduced or changed from a floating rate to a more favorable fixed rate. The amount of the principal owed can be reduced as well, as can late fees or other penalties. The lender can also opt to lengthen the term of the loan and may agree to cap the monthly payments that are due to a percentage of the household income. There are also principal forbearance programs available to borrowers.

Let Lester & Associates Help You

The attorneys at Lester & Associates understand that obtaining a modification to an existing mortgage loan can seem like an overwhelming task. We will pursue your loan modification on the most favorable terms possible, and try to get you relief as quickly as possible. We will complete the application on your behalf, gather all of the necessary supporting documentation with your assistance, and submit the package to the lender. We will then follow up with the lender and urge them to reach the most favorable decision possible for you. We are four experienced loan modification attorneys standing ready to help you, so call us for a free consultation today at (516) 357-9191, or fill out a contact form an we will get in touch with you.

 

Sources:

http://www.justice.gov/sites/default/files/ust/legacy/2011/07/13/HAMP_Fact_Sheet.pdf

Lester & Associates, P.C.

600 Old Country Road, Suite 229,

Garden City, NY 11530

PHONE: (516) 357-9191

FAX: (516) 357-9281

EMAIL: rlester@rlesterlaw.com