The government ended some loan modification programs around 2010, but many, such as the Home Affordable Modification Program (HAMP), are still available. Other bank-sponsored modifications may be an option as well. The bank usually steers homeowners to the program which benefits the bank the most. We make sure you apply for a modification that benefits your family the most.
Furthermore, as mentioned, banks often deny loan modification applications for baffling reasons. Roemerman Law professionals ensure that the bank deals with you on a fair basis.
Since there are different homeowners in different financial situations, there are a variety of mortgage modifications. Most of them involve one or more of the following:
If the bank temporarily and marginally reduces the interest rate, your payment could drop by hundreds of dollars a month. This margin gives your family the breathing room it needs to recover from a financial emergency like a serious illness or temporary job loss.
Sometimes, homeowners have already missed several payments, so they are several thousand dollars behind. Most families need time to repay that kind of debt. In many cases, delinquency deferral gives you several years to repay this obligation.
Still other times, there are structural issues with the mortgage itself. These issues could involve mortgage fraud or a procedural defect. If that’s the case, principal reduction could be a legitimate alternative to risky and costly litigation.
Mortgage modifications help people like you stay in their homes. For a free consultation with an experienced foreclosure defense attorney in New York, contact Roemerman Law, P.C. Our main office is conveniently located near Battery Park.