Understanding the Loan Modification Process

If you live on Long Island and you are having issues with your mortgage, you may want to consider a loan modification. This is a process that will ideally have the terms of your mortgage changed in order for you to keep up with your payments and more importantly, to keep your home. You will find that there are different types of loan modification on Long Island that you may be eligible for, in order for you to find out which is best for you, it is recommended that you seek the advice of an attorney.

First Things First

When you first contact an attorney about a loan modification on Long Island, they will want you to fill out a series of documents and give them information about your current financial situation. This means that you will need to be totally open and honest with your attorney about your finances as the reasons you need a loan modification could be important. When they have all of this information, they will want to approach the mortgage company and see what they can do. It is important to remember that the mortgage company is not your enemy, they ideally want something that is fair for both of you. But, without the help of an attorney, you may find yourself with the short end of the stick.

Learn About the Guidelines and Prepare to Accept a Deal

Once your attorney contacts the mortgage company, it is likely that there will be some sort of negotiations that go on. You will hope, of course, that this goes to your favor. At some point along the time, your attorney and the mortgage company will come to some sort of agreement with your mortgage, assuming you are able to get the loan modification. It doesn’t matter what the deal is, if you accept it, you will be bound to abide by it or you can end up losing your home. So for instance, if you work out a deal that makes your mortgage $150 a month cheaper, you may be able to afford it better, but if you get into another bad situation and can’t pay it, it may be all for naught.

If a loan modification is something that sounds interesting to you, contact a local Long Island law firm.

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