Loan Modification Attorney & Lawyer

What is Loan Modification?

A loan modification is an agreement between a lender and a borrower to change the original terms of a loan. If you have fallen behind on your mortgage payments or having trouble affording them due to financial hardship, our loan modification lawyer can help you modify your loan in order to obtain a more affordable monthly payment. Furthermore, as obtaining a loan modification is the most effective way to stop a foreclosure action and keep a borrower in his or her home, we always recommend that our Foreclosure Defense clients consider applying for a loan modification.

There are a number of ways in which a loan may be modified. In the past, our clients’ mortgages have had their interest rates reduced, payment terms extended, arrears capitalized, penalties, interest and late fees waived, and have been converted from the adjustable rate or interest only into fixed rate interest and principal loans. All of these tools can be used in combination to result in a lower, more affordable monthly mortgage payment.

However, in order for a borrower to qualify for such a modification, their loan services and the investor holding their note must approve their application. Each services requires slightly different documentation, and each investor has its own criteria. Among other things, this documentation includes a letter explaining the nature of the borrower’s legitimate financial hardship, as well as pay stubs, bank statements, and tax returns.

Furthermore, to qualify for the applicable federal modification programs, specific financial criteria must also be met. Given our extensive experience obtaining loan modifications for our clients, as well as our familiarity with the various loan services, current and pending legislation, and the criteria of federal programs such as the Home Affordable Modification Program (HAMP), we are able to assemble packages which maximize our clients’ chances at successfully obtaining a modification.

In fact, we have successfully negotiated loan modifications on behalf of our clients with a wide variety of services including Bank of America, Carrington Mortgage Services, CitiMortgage, HSBC Mortgage Services, JP Morgan Chase Bank, M&T Bank, Midland Mortgage Company, Nationstar Mortgage, Ocwen Financial Corporation, OneWest Bank/Indymac, PennyMac Loan Services, PNC Bank, Select Portfolio Servicing, Specialized Loan Servicing, US Bank and Wells Fargo Bank.

Given the high stakes and complexity of the modification application process, it would be in your best interest to have an experienced attorney assist you in pursuing this course of action. We at the Radow Law Group, possess the experience and expertise that will allow us to assist you through the entire modification process. We are diligent, will regularly contact your loan services for updates on your application, and will make sure that all forms are properly filled out and provided to your services in a timely fashion. To further protect your legal rights we ask for court intervention when necessary and are familiar with New York laws that require the banks to engage in good faith negotiations.

However, not all applicants are good candidates for a loan modification. For example, if you have insufficient income to support even a drastically reduced modified mortgage payment, you may be unlikely to be successful even with expert assistance. For this reason, we offer a free consultation, in which we analyze each prospective client’s circumstances in depth, and give an honest assessment of the likelihood of their obtaining a modification. If we do not feel a client will qualify for a modification, we will outline the alternative loss mitigation strategies available to them and are happy to inform them of and assist them with any other available alternatives to foreclosure, such as selling the property in a Short Sale.

If you are struggling to keep up with your mortgage payments, have fallen behind, or are in Foreclosure contact the Radow Law Group, P.C. today to schedule a free consultation to explore the possibility of a loan modification. We provide our services in many locations like Great Neck, Nassau County, Brooklyn, Suffolk County, Bronx Manhattan and Queens, New York. You can call us on 516-338-7800 or 212-577-5000 for a free consultation.

Frequently Asked Questions

Loan Modification Attorney

When should I think about applying for a loan modification?

You should look into the loan modification option if you are in a situation of financial difficulties and have trouble keeping up with your mortgage payments. Financial problems can be job loss, reduced income, a medical emergency, a divorce or something that you couldn’t have ever thought of that might make it more difficult to make your mortgage payments.

When evaluating a loan modification application, prepare adequate documentation of your financial situation. Contact your lender or loan servicer to discuss your alternatives and ask them for guidance in applying for loan modification. Be ready to give detailed info & don’t forget to be patient since it is time-consuming. Eventually, a loan modification can help you reduce your monthly payments, extend the loan term, or adjust the terms to make your mortgage more affordable and sustainable.

To learn more about the benefits of a loan modification, it is advisable to contact a certified attorney specializing in this domain.

What if I'm not a good candidate for a loan modification?

If your candidature for loan modification has been rejected, you can undertake the following steps to rectify your application.

Understand why your application has been denied. Explain to your lender the exact support reason why it was declined.
Work on solving any problem related to your application. It could be more documents attached, fixing mistakes, or organizing your financial affairs.
If you think your application was unfairly rejected or if your situation has changed, you can make your appeal based on it. Include any updated information that underscores the urgency for the expressed assistance.
Explore the options available, such as refinance, forbearance, or other loss mitigation programs the lender may provide.
Go for consulting with a housing counselor or a real estate attorney who can give you advice and act as your advocate through the process.
Keep communicating with your bank by expressing your intentions to work together and deal with the issue.

You can collaborate with an experienced and board-certified loan modification attorney to strengthen your case.

How can a loan modification lawyer help me with the process?

A loan modification lawyer can provide invaluable assistance throughout the loan modification process:

Legal Expertise: Lawyers understand the complex laws and regulations governing loan modifications and can ensure your rights are protected throughout the process.
Negotiation: Lawyers can negotiate with your lender on your behalf to secure the most favorable terms for your loan modification.
Documentation: They can assist in gathering and preparing the necessary documentation required for the loan modification application, ensuring accuracy and completeness.
Review: Lawyers can review any proposed loan modification agreements to ensure they are fair and in your best interest, identifying potential pitfalls or hidden clauses.
Representation: In case of disputes or denials, a loan modification lawyer can effectively represent you in negotiations with the lender or court proceedings, advocating for your rights and interests.

Before initiating a case, you must thoroughly search for a compatible lawyer. It is essential to hire a legal professional with whom you feel comfortable.

<< 1 >>