Let Us Help You Modify Your Home Loan

Loan modification is a powerful tool that can help many troubled homeowners affected by the housing crisis and the distressed economy. If you are facing a significant debt problem, have received a notice of default or have already received a Summons of Complaint notifying you of a foreclosure action, call Ugell Law Firm, P.C., right away.

For more than 30 years, we have been aggressively fighting to help homeowners fight the large corporate mortgage companies and banks that try to foreclose on family homes. We have helped thousands of people with their debt relief, foreclosure and loan modification needs, and we can help you.

How Can A Loan Modification Help You Keep Your Home?

The purpose of a loan modification is to determine if a homeowner's loan can be altered to create a payment that will satisfy the borrower's mortgage obligation and bring them out of default, often times resulting in:

  1. Lowered mortgage interest rate for the loan being modified
  2. Capitalization of arrears and fees (your missed payments are added to the back of your loan, increasing the principal balance of your loan and extending the term of your loan not more than 40 years from the date of origin)
  3. Bringing the borrower current and out of default on their mortgage obligation, and canceling any pending legal action associated with the default of the mortgage loan.

Negotiation of a loan modification is a tedious and labor-intensive operation that begins with the ability to contact the appropriate bank representative. An experienced attorney can have great success in locating the best person to speak with at your bank and ensuring the right people are reviewing your information in an effort to complete the modification process.

What Does The Traditional Loan Modification Process Look Like?

A traditional loan modification is done at the discretion of your mortgaging bank to modify your mortgage loan agreement. In many cases, it operates like this:

  • Review state: Your financial information is collected by filling out a Request for Modification Application (RMA), and supporting financial documents are provided to the bank, through your attorney, pursuant to each bank's specific standards.
  • Preliminary trial term: A three- to six-month trial period in which the bank reviews your case with its underwriting department. A homeowner may make partial or full mortgage payments to the bank during this time. The homeowner is required to approve this trial term in writing within a limited amount of time before it can begin.
  • Final Submission: A new complete financial package is submitted to the bank for final review.
  • Final Modification: You are offered a final modification agreement, which must be approved and signed by the homeowner before submitting to the bank within the allotted time period. Once this is complete, the mortgage loan has been modified pursuant to the terms of the agreement.

Contact Us Today To Discuss Your Legal Needs

Ugell Law Firm, P.C., is based in New City, New York, and serves clients in Rockland County and surrounding areas. To speak with a highly experienced lawyer with more than 30 years of experience, call us at 845-608-8098, or send us an email.