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Is a Loan Modification Right for Me?

Loan Modification If you have fallen behind on your mortgage payment, and you do not see any foreseeable way to catch up, a loan modification may be a good option for you.  At Jacoby & Jacoby, we have helped countless clients throughout New York improve their financial situation through a loan modification, and would be more than happy to schedule a consultation to discuss your financial situation with you. 

Loan modifications are not for everyone.  In general, the people who benefit the most from a loan modification meet at least one of the following criteria: 

  • A financial hardship has put you in a position where you could lose your home
  • You anticipate you will experience a serious financial hardship in the near future
  • Your mortgage is larger than the value of your home
  • You are facing foreclosure
  • You have fallen behind on your mortgage payments
  • Your adjustable rate mortgage has increased and you can no longer afford it
  • Your adjustable rate mortgage is about to increase, which will raise your monthly payment
  • You have a fixed mortgage rate, but your interest rate is at least 2% above the current market value for a 30 or 40-year home loan
  • You have a steady source of income

At Jacoby & Jacoby, we have helped many clients in New York successfully apply for a loan modification, and can protect you from foreclosure scams or shady loan modification companies.  Our goal is to help you achieve your objectives to ensure a more secure financial future, whether that means successfully modifying your loan or taking advantage of some alternatives to a loan modification, such as bankruptcy, short sale, or loan forbearance.


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