Loan Modification is a powerful tool that can help many troubled homeowners affected by the housing crisis and the distressed economy. If you are facing a significant debt problem, or have already received a Summons of Complaint notifying you of a foreclosure action, talk to me right away. I am foreclosure defense lawyer Scott Ugell of
The Ugell Law Firm, P.C., in New City, New York. For more than 25 years, I have been aggressively fighting to help homeowners and families throughout the Greater Hudson Valley fight the large corporate mortgage companies and banks that try to foreclose on family homes. I have helped thousands of people with their debt relief, foreclosure and loan modification needs, and I can help you.
What Can a Loan Modification Do to Help You Keep Your Home?
The purpose of a loan modification is to determine if a homeowner’s loan can be altered to create a payment which will satisfy the borrower’s mortgage obligation and bring them out of default, often times resulting in:
- Lowered mortgage interest rate for the loan being modified, fixed to one interest rate or a predetermined series of gradual interest rate changes
- Capitalization of arrears and fees (your missed payments are added to the back of your loan, increasing the principal balance of your loan and extending the term of your loan not more than 40 years from the date of origin)
- Bringing the borrower current and out of default on their mortgage obligation, and canceling any pending legal action associated with the default of the mortgage loan.
Loan modifications can be pursued in any mortgage loan but are designed for homeowners who have defaulted on their mortgage and have had a change in circumstances which prevents them from the ability to maintain their current monthly mortgage payment. Negotiation of a loan modification is a tedious and labor-intensive operation which begins with the ability to contact the appropriate bank representative. An experienced attorney can have great success in locating the best person to speak with at your bank and ensuring the right people are reviewing your information in an effort to complete the modification process.
What Does The Traditional Loan Modification Process Look Like?
A traditional loan modification is done at the discretion of your mortgaging bank to modify your mortgage loan agreement. Traditional modifications can be applied to 2
nd mortgages, and mortgages of non-owner occupied or income-properties, but traditional loan modifications are not regulated by the government. Most mortgage loans have contingencies within an agreement called the Pooling and Servicing Agreement attached to most mortgage loans, but they are not all created equally. Negotiating a traditional modification is a time-consuming and labor-intensive process which an experienced attorney can yield great success with.
A Traditional Loan Modification many times operates like this:
- Review state: Your financial information is collected by filling out an RMA or Request for Modification Application, and supporting financial documents are provided to the bank, through your attorney, pursuant to each bank’s specific standards.
- Preliminary trial term: A 3 – 6 month trial period in which the bank reviews your case with their underwriting department. A homeowner may make partial or full mortgage payments to the bank during this time. The homeowner is required to approve this trial term in writing within a limited amount of time before it can begin.
- Final Submission: A new complete financial package is submitted to the bank for final review.
- Final Modification: You are offered a final modification agreement, which must be approved and signed by the homeowner before submitting to the bank within the allotted time period. Once this is complete, the mortgage loan has been modified pursuant to the terms of the agreement.
In addition to the traditional loan modification process, you may also qualify for a modification under the U.S. government
Homeowners Affordable Modification Program (HAMP)
The Experience You Can Rely for the Debt Relief You Are Counting On
I have been practicing in the area of U.S. bankruptcy law for more than 25 years. I back up my experience with unique credentials, including:
- Member of the National Association of Consumer Bankruptcy Attorneys (NACBA)
- Often requested by local governments to make seminar presentations about homeowners’ rights and foreclosure protection
- Participates with the
National Association of Consumer Bankruptcy Attorneys (NACBA) to meet withU.S. Congressional Staff on matters related to U.S. bankruptcy code and foreclosure issues.
- Professional articles and legal presentations on the issue of debt relief and bankruptcy law
- Member of the Hudson Valley Bankruptcy Bar Association
- Member of the New York State Bar Association
- Member of the Rockland County Bar Association (Co-Chairman of the Bankruptcy Committee)
- Member of the Rockland County Magistrates Association
- Member of the Board of Hillel of Rockland Community College
Avoid Foreclosure · Competitive Fees · Flexible Appointments · Se Habla Español
From my offices in New City, I represent families, consumers and small businesses, because that is who I am, and that is who I care about. I work to protect citizens in the Greater Hudson Valley area.ITo arrange an initial consultation with an experienced New City loan modification attorney who cares about resolving your legal problem, call 845-521-7841 or
contact my office by e-mail today.