Loan Modification in Westchester County
Is Loan Modification an Option for You?
In a situation where you have fallen behind on your mortgage payments and
may be facing
foreclosure, loan modification may be an option where you can work with your lender
to modify the terms of your existing mortgage. This may enable you to
start making your mortgage payments.
To find out more about this option to determine whether it may work for
you, please review the information we have included below or take a moment
to discuss the matter with a
Westchester County loan modification lawyer at our offices. We represent clients in White
Plains and throughout Westchester County and the surrounding areas in
New York and offer a free consultation to help you get started.
What is a Loan Modification?
A loan modification, also referred to as a mortgage modification, is a
process that involves modifying your existing home loan to make your payments
You may be able to do the following:
- Lower your monthly payments
- Lower your interest rate
- Reduce your loan balance
- Fix an adjustable rate
- Get an extension on payments
- Waive negatively accrued interest
- Re-amortize your loan to include past due mortgage payments
This can save you tens of thousands of dollars over the life of your loan.
A loan modification may be compared to a mortgage refinance, except that
instead of getting a new mortgage it modifies your existing mortgage.
A typical loan modification will lower your payment and capitalize arrearage.
Under the government's HAMP program mortgage interest can be reduced
to as low as 2%. For clients who do not meet HAMP guidelines all banks
offer in-house modifications for qualified borrowers. Loan modification
may be exactly the answer you have been looking for in times of financial
distress that would otherwise place your home at risk of foreclosure.
White Plains Loan Modification Attorney
It is important to work with an attorney if you are considering a loan
modification in the White Plains area. Trying to handle this matter on
your own may be difficult. You may be unable to reach someone in the right
department or may be unsure of what incentive you can offer the lender
to persuade them to agree to a modification.
An experienced Westchester County lawyer will understand who to contact
and will be able to help you prepare your application properly. In all,
a lawyer can often help you achieve a workable modification in a shorter
amount of time. We understand the various tests utilized by lenders and
we can tailor your submission to fit these rules. Mr. Bronson is recognized
as a leader in the field and has supervised the successful modification
of hundreds clients.
Westchester County loan modification attorney
at our law offices today to learn more about how we can help you.