When you fall behind on your mortgage payments, the stress can be overwhelming. It may feel like you have no chance of ever catching up, and the threat of foreclosure and losing your home becomes very real. Fortunately, a loan modification may be a possibility that can help you get your finances back on track and allow you to keep your home.
At the law office of Paul B. Groman, Attorney at Law, our attorney has been helping people throughout New York City resolve their financial problems for more than a decade. We are committed to getting you the help you need and keeping you in your home.
Modifying the Terms of a Mortgage
A loan modification involves negotiations with your mortgage holder to see if he or she is willing to modify the terms of your mortgage. It is important to keep in mind that banks and mortgage lenders hardly ever reduce the amount of principal that is owed. However, negotiating for a reduction in interest rates or for any late payment penalties that have been assessed can significantly reduce the amount of your monthly payments, which can help with avoiding foreclosure.
Alternatives to Loan Modification
A lender may not always agree to a loan modification or a loan modification may not be the best option for you. If that is the case, we can help explore alternatives to loan modification that can help you put a stop to foreclosure proceedings, such as filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, or seeing if your lender will agree to a short sale of the property. We will thoroughly review your situation in order to determine which option will best suit your needs.
Contact Our Attorney Regarding Mortgage Modification
If you are facing the threat of foreclosure in Manhattan or any of the other boroughs, we can see if a mortgage modification or another alternative can help you keep your home. Contact our Brooklyn loan modification lawyer online or call 718-852-1196 to schedule an appointment to discuss your situation. Located in downtown Brooklyn, we are 10 minutes from Manhattan and convenient to nearly all local subway lines.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.