Long Island Loan Modification Attorney —
Serving Long Island, New York City, Westchester County,
Helping Struggling Homeowners Achieve Their Goal
is an option available to those homeowners
who are having trouble
making their monthly mortgage payments.
Loan modification is a process where the
terms of a mortgage are modified outside the original terms of the
contract agreed to by the lender and borrower.
You do not have to be facing foreclosure in order to seek a loan modification. If you are experiencing financial hardship, a loan
modification is a way to reduce your monthly mortgage payments
allowing you to stay in your home.
today to discuss how a loan modification can help you.
How a Loan Modification Can Benefit You
Mortgages are modified to the benefit of the borrower in one or more of the following ways:
- Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed
- Reduction in principal
- Reduction in late fees or other penalties
- Lengthening of the loan term
- Capping the monthly payment to a percentage of household income
- Principal forbearance program
borrower can be current, late, in default, in bankruptcy, or in
foreclosure at the time the application for modification is made.
process of obtaining a loan modification can be both overwhelming and
daunting to the average homeowner. A homeowner will benefit
tremendously by having a real estate attorney on their side when
pursuing a loan modification. The reality
is bank representatives respond more promptly to an attorney than they
do to the average homeowner. Additionally, attorneys are knowledgeable
of the legal issues that can be used to influence
negotiations with the bank.
In seeking a
loan modification for our clients, we will complete the
application, gather all of the supporting documentation and
submit a completed package to the lender. After submission of the completed loan modification package, we will speak
with the lender on your behalf and continuously follow up with
the lender until they reach their decision. Jeanne M. Reardon is an experienced loan modification lawyerwho will speak to the lender on your behalf.
For a free consultation to discuss a loan modification or other real estate matter call our experienced real estate attorneys today at (516) 314-8433. Please
e-mail your questions or comments to us so that we may better assist you.
Jeanne Reardon is a loan modification attorney serving clients in New York, Queens, Brooklyn,
Bronx, and Staten Island, in New York County, Queens County, Kings County,
Bronx County, and Richmond County, as well as, Long Island, Nassau County,
Suffolk County and throughout Westchester County.