It can be difficult to immediately know whether a loan modification is right for you. Fortunately, there is a wealth of information available on the internet as well as from professionals in your area. Because this process can be tricky to navigate through, it is highly recommended that you seek legal advice before you agree to anything. It is helpful to seek counsel before applying as well, as a professional can help you take the right initial approach (and therefore impact your ability to be approved as quickly as possible).
You will need to determine whether you will qualify for a mortgage loan modification in the first place, and this can be accomplished by determining whether you have suffered a hardship that has affected your ability to make your mortgage payments and that will be resolved by reducing your monthly payment. A hardship letter will need to be sent to your lender, explaining in detail the losses you have experienced and how this has affected your ability to pay. It should also include the amount that you would like your payment reduced by.
If you choose to "go it alone" in applying for a loan modification, you will need to contact your lender. Unfortunately, it can be difficult to find the right department or individual to speak with, and at times you may find that you are given the run around. Persistence is important in these matters, as is reporting to the appropriate state or federal department if you are the victim of deceptive or illegal practices by your lender.
Whether you are seeking information or are considering hiring an attorney at this point, Jacoby & Jacoby may be able to help you. The firm represents homeowners throughout Long Island in loan modification,
bankruptcy proceedings, offering highly experienced, dedicated counsel.
Contact a Long Island loan modification lawyer today for a confidential consultation and review of your financial situation.