3+ Decades Experience in Loan Modifications

Mortgage Loan Modification Law Firm

We are dedicated to helping homeowners achieve sustainable mortgage modifications. Our attorneys work closely with clients to evaluate their financial situation and determine the best course of action for their unique circumstances. Let us help you secure a more affordable mortgage and provide you with peace of mind knowing you are on a path towards financial stability.

Trusted Mortgage Loan Modification Attorneys

The Legal Process

The homeowner reaches out to the lender and provides financial documentation required to begin the modification process.

The homeowner submits a formal application, including a financial worksheet and budget, for the lender to review and determine whether the modification can be approved.

If the application is approved, the homeowner and lender will negotiate and agree upon the terms of the modification, which will be documented and signed by the homeowner.

The homeowner must successfully complete a trial period, during which they make modified payments on time to demonstrate their ability to meet the new financial terms, in order for the modification to become permanent.

Frequently Asked Questions

How does mortgage modification work?

Mortgage modification is a process that changes the terms of your mortgage to make your monthly payments more affordable. It often involves negotiating with the lender to reduce the interest rate, extend the term of the loan, or forgive some of the principal balance.

What is the difference between mortgage modification and refinancing?

Mortgage modification changes the terms of your existing mortgage, while refinancing involves taking out a new mortgage with different terms. Mortgage modification is often more feasible for homeowners who are struggling to make payments due to financial hardship, while refinancing is typically more appropriate for those who want to take advantage of lower interest rates or improved credit.

Can I pursue loss mitigation if I'm already in foreclosure?

Yes, loss mitigation options may be available even if you are in the foreclosure process. Your attorney can work with your lender to explore options like loan modification, short sales, or deeds in lieu of foreclosure to help you avoid foreclosure.

How long does the mortgage modification process take?

The length of the mortgage modification process can vary depending on several factors, including the lender’s responsiveness and the complexity of your financial situation. It can take several weeks to several months to complete the process.

Will a mortgage modification impact my credit score?

Mortgage modification may have some impact on your credit score, but it is generally less severe than a foreclosure. Late payments that occurred before the modification may still appear on your credit report, but the modification itself is not reported as a negative event.

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Barbaruolo Law Firm Testimonials

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Located in Albany, NY

Where to Find Us

Our offices are located centrally to the Capital Region of New York in Latham, minutes from the Albany Airport.

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