New York was unable to evade the increasing problem of foreclosed homes. In addition to that, the number of investors decreased because of the economic meltdown that struck the whole nation. These two factors affect the whole state especially in the economic side of the society. The lender needs to deal with a huge number of properties that he/she is unable to sell.
On the other hand, his/her clients lost their homes, because they are unable to pay for the monthly rates. The new law approved by the government can give a solution for these issues in the banking system. The new law, known as the loan modification program, permits the debtor to request for a revision of the mortgage. Before you can get changes in your current mortgage agreement, you must know all about the basic information regarding the processes involved.
First of all, keep in mind that you do favor for the bank when you request for better and affordable terms; if you default, you will suffer the foreclosure of your home but the bank will suffer the consequences of it as well. The bank will go for a re-negotiation instead of foreclosure; however, you must be well prepared for it. You can gather and organize in one file all the proof of your monthly income as well as the expenses. With this evidences, you can prove that currently, you are unable to keep up with the current contract. The bank will not offer loan modification to the people with no financial setbacks and able to pay the monthly rates. The incapacity to make the monthly payments is the critical factor in determining your qualification for the modification process.
You should also bring with you the evidence that your monthly income changes over the last months and it decreased considerably due to the recession happening all over the world. After gathering all the needed documents, ask or scheduled an appointment with a representative from the bank to talk things about the process. He/she will study and analyze all the conditions and make you various offers; choose the best one that is suitable for your need. The best option possible for you is to extend the loan period, for your rates to become affordable for your budget.
The New York Loan Modification program saved several homes from being foreclosed. Thanks to this law, everyone have a convenient option, even if he/she is the borrower or the lender.
Countrywide Home Loans Inc
New York 159 FIFTH AVENUE BROOKLYN, NY 11217 Tel: (718) 623-2255 Fax: (718) 638-0765 Brooklyn, NY Mortgage & Property Information
10510 QUEENS BLVD STE 2 FOREST HILLS, NY 11375 Tel: (718) 261-8230 Fax: (718) 261-8275 Forest Hills, NY Mortgage & Property Information
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100 MOTOR PKWY STE 110 HAUPPAUGE, NY 11788 Tel: (631) 300-2800 Fax: (631) 273-2614 Hauppauge, NY Mortgage & Property Information
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330 S SERVICE RD STE 129 MELVILLE, NY 11747 Tel: (631) 755-4100 Fax: (631) 454-2174 Melville, NY Mortgage & Property Information
820 STATE ROUTE 9 STE 1310 QUEENSBURY, NY 12804 Tel: (518) 742-2400 Fax: (518) 745-5237 Queensbury, NY Mortgage & Property Information
260 CHRISTOPHER LN STE 202 STATEN ISLAND, NY 10314 Tel: (718) 983-3900 Fax: (718) 983-6955 Staten Island, NY Mortgage & Property Information
3800 BREWERTON RD SYRACUSE, NY 13212 Tel: (315) 458-4777 Fax: (315) 458-9499 Syracuse, NY Mortgage & Property Information
333 EARLE OVINGTON BLVD #101 UNIONDALE, NY 11553 Tel: (888) 224-7517 Fax: (516) 794-2980 Uniondale, NY Mortgage & Property Information
96 TRIANGLE CENTER YORKTOWN HEIGHT, NY 10598 Tel: (914) 962-5004 Fax: (914) 962-5260 Yorktown Height, NY Mortgage & Property Information
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Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
If the answer to either question is “yes,” report the potential scam now by calling 1-888-995-HOPE or by filling out the simple online complaint form.
