New York, Loan Modification Attorneys.
What is a Loan Modification?
Is a Loan Modification right for me?
Do I qualify for a loan Modification?
Apply Free for a Loan Modification Consultation today.
Castiglia-Rubinstein & Associates devotes a significant part of their
firm to the area of Real Estate. They provides a wide
range of real estate services representing buyers and
sellers in transactions involving commercial and residential
property. From initial negotiations to closing, including
drafting of documents, monitoring contingency periods,
and possible closing issues such as possession agreements.
New York, Loan Modification Lawyer
The Obama plan for helping homeowners has not been as effective as desired — less than 4% of eligible loans have been modified since the program has been launched. Loan modifications are an arrangement between a borrower and a bank, lawyers can leverage laws to force a creditor to offer a loan modification. A knowledgeable attorney can provide valuable advice and guidance, especially if a short sale, bankruptcy or settlement conference hearing becomes necessary after a request for a loan modification has been denied.
In order to help homeowners interested in loan modifications, The Law Firm of Castiglia-Rubinstein & Associates is dedicated to providing solutions and options for homeowners working through loan modifications currently on on their own.
Loan Modifications — Understanding Your Options
In general, banks are willing to offer loan modifications if you're employed, are not substantially behind on your house payments, and have a variable rate loan that can be changed to a 20- or 30-year fixed rate mortgage. While your payments will be extended over a longer period of time, changing your loan to a fixed rate should reduce your monthly mortgage payments. It's important to know the details of your mortgage and have an expert that understands your financial situation. We have on staff accountants that are able to help homeowners put together a plan to afford their mortgage payments.
Since lenders are under no legal obligation to offer a loan modification, a bank may offer only a short-term discount or a small reduction in payments. In the end, this may only delay the eventual foreclosure on your home. Understanding what you can and cannot afford will help you leverage terms you can live with and hopefully avoid foreclosure.
What Do I Need When Asking for a Loan Modification?
While every bank and case is different, you should be prepared to provide some or all of the following when requesting a home loan modification:
The Hardship Letter
The hardship letter provides you with an opportunity to explain why you need a loan modification. Here, you can provide information about how your family has been affected by job loss, illness, divorce, or drop-off in business revenue. You may be asked to provide additional information to confirm what you claim in your letter or you may be asked to submit additional financial information. In any case, the hardship letters allows you to "personalize" your situation and explain how a loan modification is in the best interests of you and the bank.
Determining If a Loan Modification Is Right for You
A loan modification is intended for people who are struggling to meet their monthly mortgage payment, not for people who are substantially behind in mortgage payments. If your mortgage is in arrears and you are struggling or unable to make payments on credit card, medical,insurance, or utility bills, filing for Chapter 7 or Chapter 13 bankruptcy may be your best option. If you want to save your home you may want to request court intervention with a Settlement Conference Hearing. This will allow you to tell your story to a judge with your attorney and your bank present. If you don't want to lose your home through foreclosure, you can also explore the possibility of a short sale with your Bank. |
Hardship letter
