Mortgage Modification: Examining Your Options For Avoiding Foreclosure

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Mortgage Modification Examining Your Options For
Avoiding Foreclosure
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Mortgage Modification
While the worst appears to be behind us with
regard to the housing market meltdown that began
in the late 00s, many homeowners continue to
struggle with meeting their mortgage
requirements, particularly those who received
subprime or high interest rate loans. The
national foreclosure rate has been in decline for
35 months, but foreclosures in many states,
including New York, remain problematic. A
mortgage modification can help homeowners avoid
foreclosure, allowing them to renegotiate the
terms of their loans with bankers to make it
easier for them to meet their mortgage
obligations. An experienced mortgage modification
attorney can help homeowners obtain a mortgage
modification, particularly if those homeowners
are already in bankruptcy.
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What A Mortgage Modification Can Do

• Mortgage modifications can provide relief to
  homeowners by
• Cutting interest rates.
• Changing the interest rate from a floating rate
  to a fixed rate, or alter how the floating rate
  is calculated.
• Reducing the loans principal.
• Reducing the severity or eliminate late fees and
  penalties.
• Lengthening the term of the loan.
• Imposing income-based repayment terms, capping
  mortgage payments to a percentage of income
• Forbearing mortgage payments

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How An Attorney Can Help
A skilled mortgage modification attorney can help
homeowners negotiate a mortgage modification that
best protects their interests. Experienced loan
modification attorneys can help homeowners
negotiate lower interest rates, reduced principal
and other terms likely to give the homeowner the
financial breathing space he or she needs to meet
monthly mortgage payment requirements.
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850,000 Mortgage Modifications In 2012
Mortgage modifications hit their high point in
2011, when more than a million homeowners
obtained mortgage modifications. In 2012, about
850,000 mortgage modifications were completed,
with most being proprietary modifications and
about 190,000 being processed through the Home
Affordable Modification Program.
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HAMP
HAMP is a federally-sponsored program that is
available to homeowners through 2015. A mortgage
modification attorney can help you determine
whether you are eligible for a HAMP modification
and get the ball rolling in pursuing this
modification if you are.
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What Youll Need To Provide

• Cooperating with your attorney is essential to
  securing a mortgage modification. Some things
  youll need to provide your attorney with
  include
• Copies of your last two tax returns.
• Copies of your last two W-2 forms.
• Other requested information regarding your
  income.
• A letter explaining your financial situation.

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When Hiring A Mortgage Modification Attorney
When hiring a mortgage modification attorney, be
sure to research your options. Ask prospective
attorneys about their experience in bankruptcy,
foreclosure and mortgage modification. Ask
friends and co-workers who have had to obtain
mortgage modifications about their experiences
with attorneys. Also do a Google search of the
attorney youre considering working with to find
more information about his or her practice.
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About Ronald D. Weiss P.C., Attorney at Law
Ronald D. Weiss P.C., Attorney at Law is a Long
Island law firm specializing in bankruptcy,
mortgage modification and similar practice areas.
Founded in 1993, the firm has helped countless
clients protect their homes in hard times. For
more information visit http//www.nybankruptcy.com
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