What is a Loan Modification?

Attorney for Loan Modification in New York

For a borrower who is dealing with financial difficulties but demonstrates an ability to meet modified payment terms, a loan modification may be a possibility to avoid foreclosure. This option most often arises when a borrower has fallen behind on his or her mortgage payments and is in danger of facing foreclosure or has been threatened with foreclosure. The borrower would initiate loan modification proceedings in order to save his or her home. In certain situations, a lender may agree to modifying the terms and conditions of the existing mortgage agreement in order to make it possible for the borrower to make his or her payments. Though the modification is initiated by the borrower and would be made to the borrower's benefit, the lender may find this more agreeable than the alternative, which would be foreclosing upon the property. It is expensive for a lender to carry out foreclosure proceedings, and a loan modification may present a better solution for a lender from a financial standpoint.

Loan modification can be a complex process, and it is important that your interests are properly presented. A New York loan modification lawyer can help you through this process, ensuring that your rights as a borrower are protected and that your financial interests are represented through loan modification proceedings.

Working with a New York Loan Modification Lawyer

Both a lender and borrower may benefit from a loan modification in certain circumstances. However, gaining a full understanding of how loan modification may affect you is a crucial part of this process. If you would like more information about loan modification from a lawyer who has the experience and knowledge to properly evaluate your unique situation, do not wait to contact our law offices today. At Jacoby & Jacoby, we are here to help you save your home.