Modification | NY and FL
Handling Modification & Foreclosures in Nassau & Suffolk Counties
worst case scenario, the bank takes the title to your home and transfers it to
the highest bidder to satisfy your debt. The bank's goal is to get paid. Make
no mistake about it, that's what its goal is. Sometimes, and especially in this economy, the bank is most likely to be the highest bidder. That means
that the bank is going to take the title to your home and sell it to get paid.
realizes that this is time consuming and costly. Chances are they have sold
your debt and have taken a loss. Now, the new owner wants to get paid. Their
best bet is to try to work out an agreement with you to give you some breathing
room-a chance to catch up.
A mortgage modification in Nassau or Suffolk is a very good
alternative that is designed to keep you in your home. The
modification is designed to assist homeowners who have experienced some
temporary setback by implementing a lower mortgage payment. It is not designed
to save everyone's home. You have to qualify based upon an application. The
application for a New
York or Florida loan
modification must be accompanied by two years of tax returns, two months of bank
statements, pay stubs and an acceptable reason for the delinquency, an
identifiable hardship and a complete income and expense sheet. (Hypocritical, I
know. They didn't need any info to loan you the money and put you in this
situation-now they want everything. This type of analysis should have gone into
the original loan, not now.)
is a temporary reason why you were not able to afford your mortgage and a reason
why the situation has resolved itself. If the situation has resolved itself,
whatever it was (unemployment, adjusted interest rate, sickness, medical bills,
etc.), the amount that you have failed to pay, called the arrears, is negotiated
with the bank. In the past you had one option: pay the full amount or foreclose. Now,
with the government's help, modifications are available.
In a mortgage modification in Florida or New York, the bank assesses the arrears and either
lowers the interest rate for a set period and applies the arrears and other fees
to the back end of the loan or they may even extend the number of years that you
have to repay it (term). For
example, if you owe $10,000 in mortgage payments and your interest rate was 9
percent, the bank may lower your interest rate to 5 percent for five years and
put the $10,000 into your loan. You have to understand that the $10,000. did
not go away; this arrangement is designed to give you a break on the arrears.
cannot afford the modified payment, you should look into other alternatives.
There is no guarantee that the bank will accept your application and grant the
loan modification. As
always, you should have the experience of Johnny The Lawyer behind you to
maximize your chances.
If you are
late now or are going to be late in your mortgage payments, call Johnny the
Lawyer. In most cases, we can obtain additional
time for you to make your payments, prevent foreclosure proceedings in Suffolk & Nassau, and possibly
restructure the mortgage to be affordable. We also extensively review your
finances to provide you with advice on possible bankruptcy and worst-case
scenarios. You shouldn't have to worry about someone knocking on your door and
throwing you out in the middle of the night. When you're having trouble
affording your mortgage, let us get you the time you
Contact Johnny the Lawyer today for
advice on mortgage
modification in Nassau or Suffolk Counties in NY, and also in Florida. We may be able to keep you from foreclosure proceedings!
Call TOLL FREE - (866)520-3058