Tips for getting approved for a mortgage loan modification
Getting a mortgage loan modification might seem harder than finding the mythical Greek God Poseidon or the ancient lost city of Atlantis; but navigating through the rough waters does not have to be that hard when you have the right law firm behind you. Foreclosure defense will require the expertise of an experienced attorney with the backing from the right law firm. The attorneys at the law offices of Castiglia-Rubinstein & Associates are not only trained in handling simple real estate matters, we take care of complex foreclosure litigation in the event of a mortgage loan default in Nassau County, Suffolk County, Queens County, Bronx, Westchester, Richmond County Staten Island, Manhattan and Brooklyn Kings County New York.
Loan Modifications * Short Sale * Foreclosure & Bankruptcy Defense
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The following are our tips from our attorneys for getting a mortgage loan modification:
- Complete the package. Homeowners need to submit paycheck stubs, a hardship letter, a budget and any other documents the loan servicer wants. If even one document is missing or outdated, the entire file will drop to the bottom of the pile.
- Ask questions. Make sure you know exactly what to provide to servicers. Servicers often request two paycheck stubs on the assumption that two paychecks represent one month’s income. But a homeowner who is paid weekly, bimonthly or monthly may have to submit more or fewer paycheck documents. Similar misunderstandings about other documents can be equally problematic.
- Stay in touch. Homeowners should call the servicer at least once a week and check on the status of his or her request. Ask whether the file is complete. Review the documents. Explain any special or changed circumstances.
- Be flexible. Loan modifications come in many varieties, and not everyone is qualified for the federal government’s Home Affordable Modification Program, or HAMP. That makes each and every modification so different; that is why you need a good attorney to negotiate the terms for your mortgage.
Castiglia-Rubinstein & Associates devotes a significant part of their firm to the area of Real Estate Mortgage Loan Modifications. They provides a wide range of real estate services representing buyers and sellers in transactions involving commercial and residential property loan modifications. From initial negotiations to closing of short sales, including drafting of documents, monitoring contingency agreements, and possible closing issues such as clouds on title and pre-possession agreements.
What Do I Need to Know When Asking my Bank for a Mortgage 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 mortgage modification:
- Have an attorney review your hardship letter before you submit your final mortgage loan modification to the bank.
- Have an attorney review your pay stubs and debt to income ratio before you submit your mortgage loan modification to the bank.
- Have an attorney review your bank statements before you submit your mortgage loan modification to the bank.
- Have an attorney review your itemization of monthly expenses before you submit your mortgage loan modification to the bank.
- Have an attorney review your tax returns before you submit your mortgage loan modification to the bank.
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 bankruptcy 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.
You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you. Have an Attorney council you on the Right Decision for your family.
- What is a Loan Modification?
- Is a Loan Modification right for me?
- Should I Short Sale?
- Should I hire an attorney for the Settlement Conference?
- Do I qualify for a loan Modification?
Apply Free for a Loan Modification Consultation today.
Attorneys practicing loan modifications in Nassau County, Suffolk County, Queens County, Bronx, Westchester, Richmond County Staten Island, Manhattan and Brooklyn Kings County 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 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 called a forbearance agreement. 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.
How can a loan modification could help with my mortgage payments?
Making your payments more manageable and affordable. If you can’t afford your current mortgage due to a financial hardship, and you want to stay in your home, we may be able to change certain terms of the loan such as the interest rate or the time allowed for repayment as to make your payments more affordable. Any change to the original terms is called a loan modification.
You avoid a foreclosure sale once your mortgage is modified. Even if a foreclosure is already scheduled, we may be able to postpone it while we review your situation to determine the best course of action.
You may qualify to make lower payments. Your modified payment amount is based on your current financial situation and takes your hardship into account.
It will be less damaging to your credit score than a foreclosure sale.
Call our office today to see how the loan modification can work for you and your family.
If you’re considering a loan modification the attorneys at Castiglia-Rubinstein & Associates can help.
A resolution is more likely if you have an attorney help you with your mortgage loan modification.
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 loan modifications to initial negotiations to closing, including drafting of documents, monitoring contingency periods, and possible closing issues such as possession agreements.
Get a free mortgage modification and settlement conference Consultation today.
Contact Us Today 1-800-960-1529.
We are dedicated to your success — so contact us. Speak with one of our knowledgeable Long Island Foreclosure Defense, Foreclosure litigation attorneys today from wherever you are in New York in Nassau and Suffolk, Brooklyn, Kings and Queens Counties, on Long Island and all New York City boroughs. Call 1-800-960-1529 today.
Get Help With Your Settlement Conference Now before it is too late.
You need an attorney to review your foreclosure situation with you and properly put together your loan modification so that you are fully prepared; remember that you have only one chance of getting your Settlement Conference tried correctly, and that is on the first time.
You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you.
Have an Attorney council you on the right decision for you.