What is a Loan Modification?
Modifying the terms of your loan agreement may be a good option. A modification can lead to a reduction in the interest rate or principal, a deferral or forbearance of the past due amount (meaning the default is forgiven and the missed payments are due at the end of the loan), extend the length of the loan, or other change to the terms that makes the loan more affordable to the homeowner.
What is the Foreclosure Settlement Conference?
A foreclosure suit is initiated by a lender filing, with the court, and serving, upon the homeowner, a “summons and complaint.” After this has been done, New York law requires lenders and homeowners to attend a “Foreclosure Settlement Conference” before any further litigation may take place. The purpose to this conference is to encourage a settlement agreement, usually in the form of a loan modification.
How Roemerman Law Helps You
First, Roemerman Law’s experience ensures your modification application is complete and correct. Second, if you are already facing foreclosure (have had an action filed against you with the court), we can stave off a potential sale to buy time to reach a modification agreement, including representing you at the Foreclosure Settlement Conference. Finally, we believe that having an experienced law firm representing you incentivizes lenders to take your modification application seriously before facing a lengthy battle to foreclose on your home. Foreclosing against a seasoned law firm is more difficult, takes longer, and is more expensive than against an unrepresented homeowner, which gives your lender another reason to seriously consider your application.
We know how to negotiate loan modifications and can guide you through the process while protecting your rights in court. This gives you the peace of mind of knowing your case is in the hands of experienced professionals.
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