Loan Modification

A foreclosure is often the worst case scenario for people in debt.  Not being able to pay your bills or mortgage is stressful enough, but adding to that having to find a new place to live and the job commute issues or school zoning changes that come with relocation, you are likely very apprehensive and unsure of what to do. If you are worried about foreclosure or have been served a notice of foreclosure, there are some alternatives. Loan modification is one alternative to foreclosure where you can adjust the terms of your mortgage so that you are able to make payments and keep your home. A New York loan modification lawyer can explain your options with loan modifications and also help you with all of the paperwork.

Loan modification is one solution to foreclosure. Banks and lenders are well aware of the effect that the economy has had on borrowers; they would rather modify your loan than foreclose on your home, because foreclosures often result in a loss for them. You have to be very careful with loan modifications, however, as there are currently many scams looking to take advantage of people in this situation.  The attorneys at Jacoby & Jacoby have over 50 years of collective experience dealing with financial law; we are a firm you can trust.

Loan modifications are a viable option for New York homeowners who have a steady income but do not make enough to pay their current mortgage, or have other outstanding debts that make it impossible to stay on track. Types of loan modifications include extending the terms of your loan, getting a fixed rate in lieu of an adjustable rate, reducing the principal balance, and making a payment schedule to repay any overdue interest.  If you are able to successfully renegotiate your loans, you will be responsible for paying your mortgage under the new conditions. Loan modifications are not right for everyone; even if you do not think a loan modification is the best option for you, we can also help you with other alternatives to foreclosure. Unemployment is still high and the economy is recovering slowly, which means that many more homes will be foreclosed on in the near future. Don't let yours be one of them!

Contact a New York Loan Modifications Lawyer

If you are struggling to pay your mortgage, consider a loan modification before it is too late. To discuss your situation and learn more about how a loan modification can help you, contact a New York Loan Modifications Lawyer today.