Can I Get a Mortgage Loan Modification in Nassau County NY?
Homeowners who risk losing their homes to foreclosure may seek a Mortgage Loan Modification in Nassau County NY. This is a permanent change in the terms of the original mortgage loan to either refinance, lower interest, skip payments, lower payments, or extend the loan. Any of these options is designed to keep the home from going into foreclosure. While successfully receiving a mortgage loan modification may seem impossible, especially in this economy, many people have been able to do so and retain ownership of their homes.
There are even government programs to assist homeowners, such as HAMP (Home Affordable Modification Program), which helps reduce payments to 31% of the household income. The amount of documentation and eligibility requirements for either HAMP or a different loan modification can be confusing and deter people from staying out of foreclosure. But unlike in the past, it is no longer necessary that you be in default before you are able to modify your loan. This makes it a bit easier and less stressful to get the help you need without such strict deadlines.
The key to a successful modification is to hire a good lawyer to assist you in deciding if you are eligible for HAMP or if another loan modification is right for you. Most homeowners are simply not educated enough in property law to properly handle a loan modification alone. A professional can help you explore all options and fulfill all requirements for a loan modification. It is vital that you prepare and organize all of the documents required of you. This will allow your lawyer to help you faster and with less confusion. Ask questions so that you know what is happening and can make informed decisions.
While HAMP generally won’t affect your credit score, other loan modifications might. A lawyer will be able to best advise you of any impact to your credit or other penalties. If you are looking for Mortgage Loan Modification in Nassau County NY, you should visit Jeff H. Morgenstern PLLC. He has a proven record of successful mortgage loan modifications and keeping homes out of foreclosure. The right lawyer can help you stay in your home and breathe easier knowing you won’t lose it to the bank.
