Loan Modifications

Loan Modifications have become very popular in the present real estate environment. A loan modification basically provides new terms with your mortgage holder and permits you to prevent losing your home in Foreclosure proceeding. Many people are having trouble paying their mortgage, and they, including you, may qualify for a loan modification.

Lenders are cooperating with their borrowers in reviewing the existing loan and the borrower's current financial circumstances to determine if the borrower qualifies for a temporary or permanent modification to the terms of that loan. Due to the extent of defaults in monthly mortgage payments, most banks agree to consider a loan modification. Many lenders consider the factors in voluntary fashion and many lenders are bound to offer modifications under present laws.

The process generally consists of requesting a loan modification, completing the documentation required by the lender, reviewing the proposal by the lender, if one is made, negotiations if possible, agreeing to terms and executing formal documents.

A loan modification can save your home. The interest rate may be reduced, the term (number of years) may be increased, your monthly payment can be lowered, your arrears can be added to the end of your loan, meaning you do not need substantial funds now and in a few instances the principal might be reduced.

Under some mandatory provisions, your bank may be compelled by the Court to offer you an agreement.

In the event your bank does commence foreclosure proceedings, this office is prepared and has the experience to represent you in Court. At SILBERZWEIG & SZNITKEN, ESQS., we do not guarantee any specific results and no one should make any such guarantee.

We do promise to work diligently on your behalf and help you in the process.

592 Pacific Sreet - Brooklyn, NY 11217 - P: 718-783-6800
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