If you are having trouble keeping up with your mortgage payments, whether due to job loss, an adjustable rate mortgage or other issue, you may be offered a reinstatement plan by the bank. Should you accept this offer? Do you have any options, other than foreclosure?
A loan modification, properly negotiated, may offer a homeowner a way to reduce mortgage payments and keep his or her home. An experienced attorney may be able to negotiate to reduce interest rates, extend the length of the loan or even forgive mortgage arrearages. Sometimes the principal can even be reduced. A borrower may have fallen significantly behind due to a hardship such as divorce, the death of a spouse, job loss or disability. If the borrower qualifies, a loan modification may offer a way to significantly reduce monthly payments.
A skilled attorney has numerous advantages in the loan modification process. Knowledge is a powerful tool, as is the ability to file suit against a lender who is acting in violation of a homeowner's rights. With the correct approach and the right amount of pressure, a loan modification attorney can assist a homeowner in negotiating a viable modification to his or her mortgage loan.
Jacoby & Jacoby is a Long Island law firm comprised of experienced professionals in foreclosure defense,loan modification and
bankruptcy. For helpful guidance and information about the firm's services,
contact a Long Island loan modification attorney today.