Mortgage Loan Modification
Mava Law represents homeowners in Queens, Manhattan, Brooklyn, Staten Island, and the Bronx who are trying to prevent their homes from being foreclosed. In the event of financial difficulties, a bank may look to repossess your home. At Mava Law, our goal is for our clients to ultimately be able to keep their home.
If you are struggling to meet your mortgage payments and feel that your lender is unhelpful, it is advisable to seek a qualified attorney who specializes in mortgage loan modifications to discuss your options. The earlier you seek help from a lawyer about your mortgage, the more options you may have to secure a modification and avoid potential foreclosure. Filing for bankruptcy in the face of financial troubles may prevent foreclosure but it is not a viable option in every case, especially when you want to stay in your home. Instead, a loan modification may be in the best interest of both the client and the bank.
How Mava Law Can Help
The process of obtaining a mortgage loan modification tends to be a complicated one. Mava Law can ease the burden of the application process and assist:
- Perform a mortgage loan modification
- Protect you from foreclosure
- Lower your principal balance (in certain instances)
- Assist to make your mortgage payments more affordable
- Ensure that the updated terms of your mortgage are manageable
- Keep you in your home
Many banks and mortgage companies have developed modification programs to address the difficulties homeowners encounter. If approved, these modification programs can substantially reduce the likelihood of foreclosure. To qualify for a mortgage loan modification, you must demonstrate the following: (i) a financial hardship, (ii) miss at least three mortgage payments, and (iii) own and occupy your home as a primary residence. Mava Law can simplify the modification process whether you are already in the foreclosure process or are just concerned about the possibility of foreclosure. Foreclosures can be expensive for lenders which is why mortgage loan modifications can result in tremendous success for our clients. The attorneys at Mava Law will determine how to effectively restructure and renegotiate the terms of your mortgage to correspond with your financial situation. For example, we may seek an adjustment of the length of the loan term, seek a reduction of the interest rate of the loan, and / or consolidate past due amounts to enable the client to adhere to a manageable payment schedule. In rare instances, we may even be able to lower the principal balance of your loan.