Nassau Foreclosure: New Yorkers May Avoid Foreclosure with Modification
The sluggish economy and the lingering effects of ...
While the overall real estate market is recovering, problem areas remain where foreclosure
rates are high. New York and no...
of 2

Nassau Foreclosure: New Yorkers May Avoid Foreclosure with Modification

Mortgage modification can help struggling homeowners keep their homes and may also assist them in avoiding bankruptcy. Mortgage modification programs have qualifications applicants must meet, however.
Published on: Mar 3, 2016
Published in: Business      
Source: www.slideshare.net


Transcripts - Nassau Foreclosure: New Yorkers May Avoid Foreclosure with Modification

  • 1. Nassau Foreclosure: New Yorkers May Avoid Foreclosure with Modification The sluggish economy and the lingering effects of the housing meltdown continue to plague homeowners in New York, forcing many into foreclosure and bankruptcy as their mortgages and consumer debts outpace their income. Long Island, Suffolk or Nassau modification attorneys can guide New York homeowners through mortgage modification to help them stay in their homes by reducing payments, giving them needed financial flexibility. Perhaps the easiest way to get a mortgage modification is under the Home Affordable Modification Program, a government program enacted in 2009 to help struggling homeowners. To qualify for a HAMP modification, homeowners must: • Have obtained their mortgage no later than Jan. 1, 2009. • Owe no more than $729,750 on their primary residence or a single unit rental property • Owe no more than $934,200 on a two-unit rental, no more than $1,129,200 on a three- unit rental or no more than $1,403,400 on a four-unit rental. • Not have the property they are seeking assistance with condemned. • Have a demonstrable financial hardship and be either delinquent or in danger of becoming delinquent on payments. • Have enough income to pay a modified mortgage payment. • Have no previous record of felonies in the past 10 years with regard to real estate or mortgage transactions. The HAMP program will expire in 2015, so if you’re struggling with your mortgage payment, it’s imperative to apply now. Your mortgage lender or other lenders may be willing to work out a mortgage modification with you if you’re ineligible for the HAMP program. Holders of VA loans or FHA loans may find helpful terms if they are struggling to make mortgage payments by contacting their lender. Many lenders offer modified mortgage programs of their own to help distressed homeowners. Lenders will have varying requirements for the program. If you are already in the process of filing bankruptcy, this may impact lenders’ willingness to work with you on a mortgage modification. Whether you’re living in Nassau, Suffolk or Long Island, modification attorneys can help you with determining whether a mortgage modification is right for you and helping you pursue one.
  • 2. While the overall real estate market is recovering, problem areas remain where foreclosure rates are high. New York and northern New Jersey still have high foreclosure rates, as do other areas of the northeast, including Connecticut. With a mortgage modification negotiated by a Long Island modification lawyer or other local legal professional skilled in real estate law, homeowners can change the terms of their mortgages to: • Cut the interest rate. • Change the interest rate from a floating rate to a fixed rate, or alter how the floating rate is calculated. • Reduce the loan’s principal. • Reduce the severity or eliminate late fees and penalties. • Lengthen the term of the loan. • Impose income-based repayment terms, capping mortgage payments to a percentage of income • Forbear payments With these helpful modifications to a mortgage, qualifying homeowners can buy themselves breathing room to regroup their finances and keep their homes. Homeowners in New York considering this option should contact a Long Island modification attorney or another attorney in their area to get the ball rolling. For more information visit http://www.ny-bankruptcy.com.

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