As you know, falling behind on mortgage payments can be frightening. That being said, with the right Rockland County foreclosure attorney at your side, there are many options on the table that can help free you of debt and allow you to continue living in your home. One of those options is obtaining a loan modification. A loan modification will allow you to keep your original loan, albeit while paying certain reduced payments. Not everyone may qualify for a loan modification, but if you do, you have most likely heard of a hardship letter, which is a critical part of applying for a loan modification. Please continue reading and reach out to our experienced firm to learn more about loan modifications, what to include in your hardship letter, and how we can guide you through every step of the legal process ahead. Here are some of the questions you may have:
How may a loan modification help me?
As you know, everyone’s financial situation is different, which is why not everyone is offered the same type of loan modification. Some of the different types of financial aid that may be included in a loan modification are as follows:
- A reduction in the principal of the loan
- A reduction in your monthly payment of the loan
- A potentially reduced interest rate of your loan
- You may have your late fees or non-payment penalties reduced or eliminated
- You may be granted forbearance, which is a temporary halt in mortgage payments, designed to allow you to catch up on your finances.
If you believe that you qualify for a loan modification, or you are looking to obtain any of the aforementioned types of aid, please do not hesitate to contact our firm today. If you qualify, when you apply for a loan modification, you will then have to include what is known as a hardship letter.
What goes into a hardship letter?
To start, you should not draft a hardship letter without the assistance of an experienced Rockland County foreclosure defense attorney. Our firm can work to ensure you include all of the necessary information that explains your situation, how you have attempted to fix the situation on your own, and why you truly require a loan modification. Some of the most common reasons loan modifications are granted include serious illness/injury, divorce, death, a loss of income, a change of employment status, or any other unexpected life event that has affected your financial situation in an unforeseen way. If you have any additional questions, give us a call today.
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.