For most distressed homeowners, a loan modification is the first and best alternative. But the application process is tortuous. Most homeowners talk to an endless parade of individuals and diligently send copies of personal information, only to be unfairly denied. Even if the bank approves the mortgage modification and offers to alter terms, homeowners have no way of knowing whether or not the bank’s offer is fair.

At Roemerman Law, we solve both these issues. We negotiate with the bank, so you can spend your valuable time on things that matter more. Additionally, when the bank makes an offer, we give homeowners solid advice as to whether the deal is worth taking.

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Obtaining a Mortgage Modification

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.

Types of Mortgage Modifications

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:

  • Payment reduction,
  • Delinquency deferral, and/or
  • Principal reduction.

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.

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