Find Out If You Can Pursue A Loan Modification
No homeowner wants to face the daunting prospect of foreclosure. A foreclosure means more than just losing your home; it also takes a big hit on your credit. You won’t be able to qualify for a mortgage again for years, and you’ll suffer unfavorable financing terms for all types of loans.
Fortunately, you may have options to avoid the harsh toll of foreclosure. A loan modification may be one of them. At Ugell Law in New York City, our lawyers excel at helping homeowners pursue loan modifications to keep their homes, preserve their credit and lay a strong foundation for rebuilding their financial stability.
Who Can Qualify For A Loan Modification?
Usually, modifications are subject to the Pooling and Service Agreement (PAS) that governs your loan. These agreements often limit how long borrowers can remain in arrears and set other rules on when modifications are available.
The more proactive you are about seeking a loan modification, the better. Waiting too long could deprive you of your opportunity to secure one. Our lawyers can review your paperwork and advise you of your options. We understand how to negotiate with powerful lenders to secure more favorable terms for borrowers.
What A Loan Modification Accomplishes
A successful modification can provide you with more favorable terms such as:
- Lower monthly payments
- A lower interest rate
- A longer term
- A different type of loan (such as one with a fixed rate rather than an adjustable rate)
Reach Out Today To Learn If You Qualify
If you’re struggling to make your mortgage payments, reach out now to find out whether a loan modification is an option for preventing foreclosure. If you wait too long, you may miss your window of opportunity to pursue this critical financial lifeline.
Call 845-608-8098 to speak with one of our lawyers. We provide free initial consultations for these types of cases.