Homeowners take pride in their homes. Not only is your home a source of pride, but it is also the place where you raise your children, spend time with your family, and rest your head at night. For this very reason, there is nothing more frightening than the possibility of losing your home because you are unable to make your mortgage payments on time. Unfortunately, many families in New York and across the United States are faced with this prospect every single day. This is why our firm exists. Our Rockland County foreclosure defense attorneys are here to assist all those who are at risk of losing their homes to foreclosure, and we are ready to fight for you, too. Fortunately, you may have more options than you think. One of those options, depending on your situation, is a loan modification. Please continue reading and speak with our firm to learn more about how we can assist you through every step of the process ahead. Here are some of the questions you may have:
What is a loan modification?
Essentially, a loan modification is different from completely refinancing your mortgage. When you request a loan modification, you are essentially requesting that you can keep your original loan while reducing certain payments. Depending on your situation and your needs, there are several avenues we can take when modifying your loan. This is why it is so important that you retain the services of an attorney who’s had years of experience assisting clients in similar situations. Our firm is ready to help.
How do I know if I am eligible for a loan modification in New York?
The first thing that you should understand is that all foreclosure lawsuits in NYS must be assigned to the Foreclosure Settlement Conference. From here, the bank will be required to assess your financial situation, and from there, the bank will have to determine whether you qualify for a loan modification. Your lender will examine your bank statements, tax returns, and other financial statements to determine why you are currently having difficulty paying off your mortgage and whether a modification may assist you in doing so. In most cases, it is best to also include a Hardship Letter. Our firm can help you draft one. If you have any additional questions, please do not hesitate to give us a call today. We are here to help.
CONTACT OUR EXPERIENCED ROCKLAND COUNTY FIRM
Here at The Law Offices of David M. Katz, P.C., we understand how frightening the prospect of losing your home due to foreclosure can be. For this very reason, our experienced attorneys have dedicated decades of our professional careers working to help those facing foreclosure stay in their homes and move on with their lives. Contact our firm for the experienced, compassionate guidance you deserve and need.