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Avoiding Foreclosure in New York: Loan Modifications

What is a Loan Modification?
A loan modification is basically a change to one or more terms in a mortgage loan.  Usually changes will be made to the interest rate, monthly payment amount, the length of the loan, etc.  When a person modifies their loan, the terms and conditions of the loan are changed to meet the homeowner’s current financial situation. The purpose of a loan modification is to help people who’ve fallen behind on their mortgage payments keep their home, since homeowners in these situations often find themselves facing foreclosure. By modifying their home or mortgage loan, homeowners have a much better chance of avoiding foreclosure and keeping their homes.

Ways to Modify a Loan
There are several ways to modify or change a loan.  An experienced New York loan modification lawyer can advise you of what’s best for your situation, and help you negotiate for:

  • A change in the terms of your loan to make it more affordable
  • A change in your mortgage from an adjustable rate to a fixed rate
  • A change in the length of the loan
  • An extension of payments
  • A waive of accrued interest
  • Bringing your mortgage payments current
  • Reducing your loan balance
  • A forbearance agreement (short-term relief to people experiencing temporary financial problems, usually due to a job loss or medical condition)
  • A short sale

Contact a New York Loan Modification Lawyer

If you are facing foreclosure in New York, we can help.  You’d be surprised to learn that most lenders are more than willing to negotiate your loan, instead of having to claim your property and then deal with selling it in a declining real estate market.

When you come to Jacoby & Jacoby, we will review your financial situation and help you negotiate with the mortgage and lending companies to reach an agreement that is more suitable for your budget, lifestyle, and level of income. We have a great deal of experience in these matters, and have successfully helped countless clients avoid foreclosure by means of a loan modification.  After your loan has been modified, you will no longer have to deal with the constant stress, worry, and anxiety that your home may be foreclosed on.

To learn if a loan modification is right for you, contact a New York loan modification attorney at Jacoby & Jacoby today!
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