When your Long Island home is threatened with foreclosure, there are several things that you can do to stop or delay it. One of these is by asking for a Long Island loan modification. Simply put, it involves asking your lender to make changes to your loan plan to make it easier for you to pay your mortgage. This may be temporary, wherein the modified plan will only run for a specified period just to help you recover from your current financial crisis, or it may be permanent, where rates and terms will be completely restructured to result in a lower monthly repayment.
Requesting for a Long Island loan modification requires approaching the lender, showing proof that you are eligible for it, and negotiating for the new plan.
Some would say that you can do this on your own without the help of a lawyer, but hiring legal help has its advantages.
First, a foreclosure lawyer can make his own assessment whether or not you are eligible for the loan modification. For example, can you verify that you are suffering from a financial loss yet still have a regular but insufficient source of income? Have you not had your loan modified in the past 24 months? These are just some of the qualifications when applying for a loan modification. There are many more and a Long Island loan modification lawyer can help you determine your eligibility on the onset so that you can avoid wasting time on an option that may turn out to be impractical for you.
Second, a lawyer can protect your rights as defined by law. For instance, the lender cannot demand a very high interest rate on the modified loan since he is obligated to follow the current market rate. Your lawyer will also know which fees the lender can include in your modified balance and those which he may not. Without knowing these legal provisions, you may unknowingly agree to an unfair loan plan if you do not have a lawyer to help you out.
Third, foreclosure lawyers are good at negotiating in their clients’ behalf. Their experience has taught them the various modifications that can be done in relation to a client’s financial status. By studying your accounts and sources of income, your lawyer can come up with a good loan plan that he can then present to your lender. On top of that, he can focus on the job at hand, which means that he has the time to spend hours negotiating with a lender. If you are working and trying to make ends meet, taking a leave off from work and constantly calling your lender to remind him about your loan modification request are tasks that you may hardly have any time to do.
Fourth, your lawyer can expedite the process by making sure that necessary documents and proofs are ready before he approaches your lender. Any delays will be to your disadvantage, especially if the request for the Long Island loan modification is not granted. Should that be the case, you need to think of other ways to stop the foreclosure. Also keep in mind that there are deadlines in filing your petitions to the courts.
Finally, lawyers are more trustworthy compared to private businesses that operate as so-called loan modification helpers. Some of these agencies will just charge you upfront fees, work slow, and still fail at getting you a modified plan that is still within your means. They are not even lawyers; they are merely middlemen or hired help. If you are going to pay for a service fee, you might as well spend it on a qualified foreclosure lawyer. Besides, in case your request for modification is not granted, you will be thankful that you already have a lawyer who can help you think up a new plan to save your property.