A loan modification is an agreement between a lender and a borrower to change the original terms of a loan. If you have fallen behind on your mortgage payments or having trouble affording them due to financial hardship, our firm can help you modify your loan in order to obtain a more affordable monthly payment. Furthermore, obtaining a loan modification is the most effective way to stop a foreclosure action and keep a borrower in his or her home.
There are a number of ways in which a loan may be modified. In the past, our clients’ mortgages have had their interest rates reduced, payment terms extended, arrears capitalized, penalties, interest and late fees waived, and have been converted from adjustable rate or interest only into fixed rate interest and principal loans. All of these tools can be used in combination to result in a lower, more affordable monthly mortgage payment.
Given the high stakes and complexity of the modification application process, it would be in your best interest to have an experienced attorney assist you in pursuing this course of action. We at the Law Offices of Bernadette M. Crowley possess the experience and expertise that will allow us to assist you through the entire modification process. We are diligent, will regularly contact your loan servicer for updates on your application, and will make sure that all forms are properly filled out and provided to your servicer in a timely fashion. To further protect your legal rights we ask for court intervention when necessary and are familiar with New York laws that require the banks to engage in good faith negotiations.
Please contact the Law Offices of Bernadette M. Crowley at (718) 423-5500 or email@example.com if you are considering pursuing a loan modification.