Real Estate Foreclosure and Modifications In NYC
Increase Your Chances of Being Approved For a Loan Modification
And Avoid Foreclosure on Your New York Home With the Help of a Real Estate Attorney
There are thousands of homeowners in New York who are currently in danger of facing a foreclosure. While the housing crisis and recession saw the worst foreclosure numbers in the state, there are still foreclosures happening every day in the state of New York. Maybe these homeowners are facing climbing interest rates that cause their monthly payment to balloon. Or maybe their financial situation may have changed and left them unable to make those monthly payments any longer. Whatever the reason, facing a foreclosure is a frightening situation. You worked hard to make this important investment for your family and your future, and now you are in danger of losing it. However, you still have options. The earlier you take action, the better your chances are of saving your home. There are often several potential solutions to help you avoid foreclosure, and often a loan modification may be the right option for your situation.
Change the Terms of Your Original Loan and Potentially Lower Your Monthly Payments
Loan modifications occur when you work with your mortgage holder to adjust the original terms of your loan. In most cases, this involves lowering your interest rate, which in turn lowers your monthly payment. Ideally, the adjustments will lower the payment enough that you will be able to continue making the payments and no longer be at risk of foreclosing on your property. Sometimes loan modification agreements also give you an opportunity to catch up on missed payments as well. While most mortgage companies are willing to work with you in order to avoid foreclosure (a foreclosed property that comes into their possession can ultimately cost them money), there is no guarantee that your request for a loan modification will be granted. It’s also unlikely that you will have the real estate law knowledge required to get yourself the best deal.
Find a Real Estate Attorney Who Will Negotiate On Your Behalf
The possibility of being approved for a loan modification increases up to three times if you hire a lawyer to negotiate on your behalf. The money that you pay a real estate attorney will more than be paid back when you manage to save your home from foreclosure and lower your monthly payments. Hiring a real estate attorney to review all of your options and handle the process on your behalf can help you leverage real estate law in your favor. They may be able to help you capitalize on bankruptcy codes, too. The mortgage modification process can be a complicated one, so having an experienced lawyer working in your best interest is invaluable. An experienced attorney can sit down with you to discuss your financial goals and find the right solutions to help you achieve them.
The Law Offices of Diron Rutty, LLC may be able to help you save your home from foreclosure
. Our legal team has worked with many local homeowners in the state of New York on their loan modification needs. We have the experience that’s required to navigate through the complicated waters of real estate law and take you to a satisfactory solution. Start with a free consultation with our team. During this initial meeting, we will meet with you to go over your current situation and talk to you about the services that we can provide. If you choose to work with us, we’ll then discuss a rescue plan that will help you meet the goal of saving your home. During the negotiation process, we will act as your legal counsel in order to come to new terms on your mortgage with your lender. With offices located in Bronx and Poughkeepsie, our foreclosure lawyers help clients throughout the state. The threat of foreclosure is a terrifying one, but the sooner you take action and speak with an experienced lawyer, the better your chances are of saving your home.
If you would like to discuss real estate law, concerns about foreclosure, or questions about the loan modification process, you can contact us at 718-324-0404 in New York City, 845-849-9201 in Poughkeepsie, NY, or use the form on this website to contact our office directly today.