Few things are as difficult as financial stress. This is especially true when one is having difficulty making their monthly mortgage payments. Falling behind on these obligations can mean losing your home, ruining your credit, and closing the door to future possibilities. Fortunately, you have options if you have fallen behind on your home loan. These options include the possibility of modifying your loan. Gaining an adjustment can require you to jump through several hoops. It is strongly suggested that you retain an experienced attorney to assist you with the process. Holly Meyer is a Long Island mortgage modification lawyer who assists New York residents who are in need. As a former public defender, Holly believes that everyone is entitled to the most aggressive representation. Contact us today to schedule an initial consultation. We also serve those in Queens, Brooklyn, and other New York areas.
Long Island attorney helping New York residents to adjust their monthly mortgage payment
What few people realize is that your mortgage is actually a contract. And just like any other contract, there may be room for adjustment. Meaning that you have the right to request that the terms of your mortgage be adjusted to help lower your monthly payments during difficult financial struggles. There are a number of ways that a modification of the terms of your mortgage can help reduce your monthly payments such as getting a reduction in your interest rate, converting an adjustable rate to a fixed rate or even extending the life of the loan.
One of the first steps in obtaining a loan modification is to find out who originated your loan and was that loan a government-backed loan such as an FHA loan. If your loan was a government backed loan, then the bank is required to consider a loan modification in order to mitigate its potential losses in the event you default on your loan payments. If the bank does not consider a modification, or other available loss prevention options, then the bank will be prohibited from trying to bring a foreclosure action against you.
The process for a modification requires documentations regarding all of your assets, income and expenses. The process is also a time-is-of-the-essence in that all paperwork must be up to date at all times. Any paperwork that is over 60 days old may be considered stale and rejected. Unfortunately, some banks make the process very complicated and make it feel like a full-time job. That’s why retaining an experienced attorney who knows the process and keep on top of your paperwork will keep you ahead of the game, thereby increasing your chances of receiving a modification of your mortgage loan terms.
Holly Meyer is a Long Island attorney assisting New York residents who need to adjust their monthly mortgage payment. Holly will use your initial consultation to gain an understanding of your finances, to help you understand your options, and to give you an honest assessment as to your chances of gaining the modification. If she believes that you have a basis to go forward, then she will assist you in gathering any necessary paperwork and begin the process on your behalf. She will be in regular contact with you throughout the process and will promptly respond to your inquiries. Our firm understands that this is a stressful time in your life. We are here to assist you. Contact us today.
Attorney providing flexible solutions to Long Island residents seeking a mortgage modification
If you are struggling with your mortgage then money is already tight. It is understandable that you may be worried as to how you will pay your legal bills. Holly works to provide “outside the box” solutions to help you afford the services you need. She does so while striving to provide the highest levels of service. Our attorney is honored to serve those in Long Island and elsewhere and this is our promise in each and every case we handle.
In addition to Long island, our lawyer also serves Kings County residents in Brooklyn, residents of Queens, those in Nassau and Suffolk Counties, as well as people in other New York areas.
