Loan Modification Law in New York
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Qualifying for a Loan Modification

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A loan modification is an effective way to prevent foreclosure.  As soon as you have been approved for a loan modification, all foreclosure proceedings will be suspended.  However, not everyone who applies for a loan modification will qualify.  While different lenders have different qualifications, the following list will give you an idea of the criteria you may need to meet in order to qualify for a loan modification:

  • The property must be your primary residence.  You must also currently be occupying the home.
  • The property must be a single family residence, with no more than 4 units total.  This applies to individual houses, condominiums, and duplexes.
  • The property cannot be vacant or condemned.
  • You have not filed for bankruptcy.
  • You obtained your current loan before January 2009.

The loan modification program offered by the federal government has slightly more specific qualifications.  To qualify for a modification under the Home Affordable Modification Program (HAMP), you must meet the following criteria:

  • Be the owner/occupant of a 1-4 unit property.
  • Have an unpaid balance that is equal to or less than:
    • $729,750 for a one unit property
    • $934,200 for a two unit property
    • $1,129,250 for a three unit property
    • $1,403,400 for a four unit property
  • The first lien mortgage originated on or before January 1, 2009.
  • Your monthly mortgage payment is at least 31% of your monthly pre-taxed income.
  • You can not afford to pay your mortgage due to a financial hardship that can be documented.

Why a NY Loan Modification Attorney at Jacoby & Jacoby?

If you are interested in applying for a loan modification, it is important to contact an attorney before taking any sort of legal action. The loan modification laws and eligibility requirements change frequently, which is why it is so important to retain the legal counsel of an experienced New York loan modification attorney who can completely assist you in applying for your modification.

During this time, you need a legal advocate on your side who will look out for your best interests, ensure the modification process is going smoothly, and alert you to any suspicious activity.  At a time when foreclosure schemes and loan modification scams are popping up left and right, it’s comforting to know you can trust the experienced legal team at Jacoby & Jacoby to protect your best interests and help you achieve the financial relief you’ve been yearning for.

Contact a New York loan modification attorney at Jacoby & Jacoby today!

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