What You Should Know About Loan Modification Appeals in New York

In New York State, the provisions are diverse. It also includes a lot of negotiations between the lender and the borrower. This helps both parties to go with the terms of the mortgage. Here are the basic legal provisions for you to get some ideas.

Are you Eligible?
You can request loan modification New York if you can produce genuine documents to prove the financial crisis that hinders you from making mortgage payments. However, it is also important to show that you have a stable income. This would be evidence that you can support loan terms if they are legally modified. Also, if you have taken a home loan and are having a hard time paying back the loan in its original term, then you can apply for loan modification only if it is your primary residence. There is also a provision of persistent delinquency if you lag behind in making payment for any unforeseen condition.

Options for Modification
You can utilize loan modification New York to reduce the originally agreed rate of interest. It helps reduce the number of monthly payments. In fact, under certain circumstances, it is possible to extend the loan term to as long as 40 years! Apart from reducing the amount of monthly payments, you can also ask for complete forgiveness for the incurred debt or waive fees altogether. Such modifications are case-specific. So, you will need the help of an experienced lawyer to file your appeal.

Why an Attorney?
A lawyer specializing in loan modification New York can offer you end-to-end service, starting from accompanying you to the department of loss mitigation of your loan provider and then preparing documentation, submitting the necessary documents, and as well preparing a hardship letter. However, it is up to your service provider to review your appeal and give an award thereafter. As a borrower, you can accept or deny the service's verdict within a specified time.

Remember that the current New York law does not allow collecting any upfront charges for any services of loan modification services. Hence, you might need to take some time to find a suitable lawyer. When you find one, be sure to discuss whether he has any conditions for working for you.

 

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