Loan Modification
Loan Modification Attorney in Queens
Loan Modification – Explained
Unexpected events in your life can cause you to fall behind on mortgage payments and leave you with the threat of foreclosure. If you are dealing with late payments, default, or foreclosure, you may be able to modify the terms of you mortgage in order to keep your home.
Loan Modification Process
When a homeowner falls behind on payments, the lender will issue a Notice of Default (NOD). If no action is taken, they will then procure a Notice of Trustee Sale from the court. After 20 days the house will be sold at public auction.
If you choose loan modification, or “loan mod”, the lender will work with you to come up with changes to your current mortgage to make it more affordable. These changes may include:
- Reduced Interest Rate
- Reduced Principal
- Capping Monthly Payment to a Percentage of your Household Income
- Reduced or Waived Late Fees and Penalties
- Mortgage Forbearance (Temporary Relief from Monthly Payments)
Loan modification involves certain eligibility requirements, and it means you will need to work your lender and the court to come up with a revised payment schedule. This can be a difficult process – that is why you should speak with a Queens bankruptcy lawyer before making any final, legally binding decisions.
Loan Modification Attorney in Queens
You need someone you can trust to review your current mortgage agreement and make sure you get the best outcome to your loan modification. The Law Offices of Queens bankruptcy attorney Bruce Feinstein, Esq. have spent over a decade and a half helping borrowers through their options and defending their cases in court. Facing lenders is not easy, but the firm will fight aggressively to get you the best outcome. Whether you decide to go ahead with load mod or review other ways to avoid foreclosure such as bankruptcy, Bruce Feinstein, Esq. and his team are ready to work with you and support you through the process. When your home is at stake, you be confident knowing you are in good hands.
