Loan Modification Law in New York
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Loan Forbearance

If you are having difficulty making your mortgage payments each month, you may not need a loan modification.  In some situations, a lender may agree to a forbearance agreement.  A forbearance agreement provides short-term relief to homeowners who are temporarily experiencing financial problems.  Under a forbearance agreement, a lender will agree to let a homeowner delay payments for a short period of time until they have recovered financially.  It should be stated that a forbearance agreement doesn’t excuse a homeowner from their debt or unpaid mortgage payments.  It just allows the homeowner to make their payments at a later date.

Forbearance v. Loan Modification

The main difference between a forbearance agreement and a loan modification is that people in need of forbearance are only temporarily facing financial troubles, where as people in need of a loan modification will never be able to pay off their mortgage loan. Although these are two very different options, both are much better than going into foreclosure.  To determine which is best for you, it’s wise to consult a New York foreclosure defense lawyer who can review your situation and offer your professional, experienced advice.

Speak with a New York Lawyer to Discuss Loan Forbearance

A forbearance agreement is an excellent way to avoid foreclosure for people who have recently lost their jobs or have gone through a medical emergency.  Although a forbearance agreement is a good option for some people, it’s not for everyone, and can result in serious legal ramifications if abused.  Therefore, before entering into a forbearance agreement, it’s highly advisable that you speak with an experienced attorney.  An experienced lawyer can determine if forbearance is right for you and discuss your situation with the lender to determine if he/she will consider it.

If you are having a hard time keeping up with your mortgage payments, you can depend on Jacoby & Jacoby to negotiate with your lender to explain your financial hardship and convince them to give you time to recover. 

To learn how we can help, contact a New York foreclosure attorney at Jacoby & Jacoby today!

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