Mortgage loan modification can help you avoid foreclosure. A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Lawyers well versed in the law can keep your larger legal picture in mind during a loan modification process and evaluate your options in bankruptcy, estate planning and consumer and civil litigation.
Because of our firm's combined expertise in real estate and litigation, we will personally initiate a conversation and review process with your lender. Our experienced lawyers will work to achieve a loan modification plan from your lender. The law firm of Rubin & Licatesi, P.C. combines its real estate and litigation experience in order to negotiate on your behalf through the maze of mortgage contacts, foreclosure laws, rules, and regulation.
Individuals who face challenges keeping up with loan payments can consider a number of loan modification programs to get back on track. The following frequently asked questions pertain to this option:
The law firm of Rubin & Licatesi, P.C. uses its expertise to negotiate on your behalf through the puzzle of an unknown loan modification process. We begin by identifying various financial plans to frame several workout options, which may be presented based upon the terms of your loan and the identity of your lender. After our preliminary investigation, we will manage your rescue plan with your personal solution in mind. And we will remain open and available to you 24/7 to catch up on any new ideas or information you would like to bring to our attention.
Reach out to our Long Island real estate law firm and contact us directly at (516) 204-7715 or by contacting us online.
What is loan modification?
Individuals who continue to make payments—but do not expect to have the ability to continue—can pursue a loan negotiation with the lender to change the terms and make the loan affordable. But the current economic downturn makes it difficult to negotiate a legal loan modification with lenders. Often an attorney can help.
What types of loan modifications exist?
Many organizations offer loan negotiation options, particularly for mortgages. The FHA offers loan modification options, Fannie Mae, Freddie Mac and other companies offer loan modification as well. These and other options are also included in the Making Home Affordable Program, or directly through the organizations. An attorney can help you sort through your options.
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What is a loan-to-value (LTV) ratio?
This is the ratio achieved by dividing the mortgage amount by the appraised value of the related property. A high ratio signifies a greater degree of risk to the lender. While lenders consider a range of data before approving a loan, they typically reject loans with LTV ratios greater than 75 percent.
How can I apply for mortgage relief?
If you meet the qualifications, you need to determine if your current lender is a HAMP participant or has Fannie Mae or Freddie Mac. In either case, you should research all financing options by comparing rates and terms to find the terms that best meet your needs. An experienced loan modification attorney can significantly facilitate the process.
Can I get help if I lose my job?
If you obtained your mortgage on or before January 1, 2009, and you apply before missing three payments, you may qualify for the Home Affordable Unemployment Program. Other eligibility requirements include (but are not limited to) eligibility for unemployment benefits and you must occupy the house as your primary residence.
Where can I get more information on HAMP?
The experienced loan modification attorneys at Rubin & Licatesi, P.C. can provide information on HAMP and other available options during your free initial consultation. You can also find information online at Making Home Affordable.gov.
I have a second mortgage, and my primary mortgage lender refused home loan modification. What are my options?
Having a second mortgage puts your primary mortgage lender at a disadvantage in the event of default. This represents a potentially complex situation, and your best chances for loan modification require experienced legal assistance.
I plan to build a new house. How does financing work during the construction period?
Loans for construction and home mortgages represent two distinct types of financing and offer a number of options, but you can typically negotiate a one-time close loan, which offers a single rate for both the construction period and a mortgage when construction completes. In addition to discussing your options with lenders, consulting an experienced real estate attorney can help ensure the protection of your investment in the event that unforeseen circumstances cause you to seek construction loan modification later.
Do programs exist to help with credit card loan negotiation?
Credit card debt is unsecured. Although no federal programs exist to help, many credit card companies recognize the advantages of renegotiating the debt, as opposed to collecting nothing from a Chapter 7 bankruptcy proceeding. You may be able to renegotiate just by calling the company. If they show no interest in helping, the attorneys at Rubin & Licatesi, P.C. may have solutions for renegotiating the terms of your debt without requiring a bankruptcy filing or recommending a bankruptcy program, estate or elder planning all designed for a financial recovery.
