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Do I Qualify for Loan Modification?

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Loan Modifications, Forbearance, Repayment

Are you struggling to keep up with mortgage payments? Are you wondering what financing options are available to help you avoid losing your home to foreclosure? There are many different foreclosure defense strategies a debtor can use to avoid losing his or her home. Here are a few of the most common legal options you may want to consider if you are unable to keep up with your mortgage payments:

  • Loan Modification: Foreclosure can be very costly and time consuming. Many mortgage lenders are willing to negotiate a modification of an existing home loan, as long as it means they can avoid the foreclosure process. A loan modification can extend the term of the loan, reduce the interest rate or change the interest rate from a variable to a fixed rate. To qualify for a loan modification you must be able to show evidence of a financial hardship, you will be required to provide all the documentation necessary for your lender's consideration and you will need to demonstrate your ability to make timely payments according to the modified agreement.
  • Forbearance: Not all individuals require a long-term solution such as can be provided through a loan modification. A forbearance offers a more immediate and temporary solution to a financial hardship a borrower may face. If you have found yourself unable to make money payments as a result of an emergency medical situation or some other circumstance, we advise you consider a forbearance agreement. With this type of agreement your lender may allow you to miss a specified number of payments, providing you bring your account current at the end of the forbearance period.
  • Repayment Plan: Even a temporary financial hardship could leave an individual unable to keep up with his or her financial obligations. If you have missed payments and want to resolve your mortgage arrears so you will not be subject to foreclosure proceedings, a repayment plan may be right for you. A repayment plan can be done through bankruptcy or on its own. Our attorneys can help you negotiate a payment plan that will allow you to catch up on past due payments by spreading out the amount you owe over a specified period of time. With a repayment plan in place, you can avoid any further collection efforts and keep your home.

E. Waters & Associates, P.C. is a New York-based law firm focused on providing individuals with unwavering representation in all types of debt relief and bankruptcy-related cases. What sets up apart from other firms is that we take a collaborative approach when advocating on behalf of our clients. Our attorneys have years of combined experience and each possesses a unique understanding of consumer laws. We use all of that knowledge and skill to give our clients a greater chance of achieve the results they seek, regardless of the severity of the situation they face. Do not let your fear of foreclosure prevent you from taking action. Call a New York foreclosure defense attorney now!

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