Loan Modification

A loan modification to an existing loan made by a bank in response to a borrower’s inability to repay the loan. Loan modifications usually involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases any combination of the three. Banks are open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure.

New York Loan Modification Defense Lawyers

A loan modification agreement is not like a forbearance agreement. A forbearance agreement usually provides short-term relief for people who have temporary financial problems, while a loan modification agreement is a long-term solution for individuals who will never be able to repay an existing loan.

Loan modification is a term very unfamiliar to homeowners but not for very long. Most people now realize is that losing their house to foreclosure is becoming a real possibility. House foreclosure in America today is at historical all time high and is affecting many homeowners that never believed they could lose their home to foreclosure. Homeowners are feeling the pressure of higher interest rates and a slowing economy. A loan modification may be the only way for a homeowner to save the American dream. Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why using the services of an experienced law firm or real estate lawyer rather than a loan modification company is of extreme importance.

The truth is today’s market is in one of steep drops in real estate values nationwide coupled with tighter credit requirements. Robert Aronov & Associates, P.C. will represent you in your loan modification process. They will fight to help you save your home and get you a payment you can afford. Millions of people are struggling to make their mortgage payments and protect their families from losing their only asset.

Save your home and protect your family. A loan modification company may not be the answer if you are in fear of losing your home. Contact Robert Aronov & Associates, PC today and get started on the loan modification process.


Q: What is Loan Modification?

A: Loan modification is a process that allows homeowners and lenders to change the terms of a loan in order to help the borrower stop foreclosure. A loan modification is NOT a new loan. It is the renegotiation – or loan restructuring – of an existing mortgage note. For homeowners behind on their mortgage, or those with a low credit score, a loan modification is often the only option available because they are unable to get approved for a mortgage refinance or a short-refinance.

Q: What is foreclosure? (Common misspellings include: forecloser, forcloser, forclosure)A: Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.

Q: What can loss mitigation do for you? The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

Q: How do we stop foreclosure?

A: Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives.  By working with you and your lender we can tailor a resolution to meet your specific criteria and financial circumstance. We do all of this quickly and effectively because we have been doing this for some time and have thousands of satisfied customers.

Q: How long do I have to act?A: Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their house!

Q: Several companies of contacted me recently offering to help. What’s different about you?

A: There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount. We are very proud of our track record of success and thousands of satisfied customers. They are strong evidence that we deliver our promises.

Q: How long will it take for me to renegotiate my home mortgage and my second mortgage loan?

A: In most cases it takes 60 to 90 days. However, 120 days is common with lenders like who are backed up like Washington Mutual, Countrywide, etc. The trend lately has been much quicker with negotiated terms and modifications in 30-45 days. It is important to remember that each loan modification is unique and the time varies based on who your mortgage lender is and what your hardship details consist of.

Q: Are My Creditors going to continue to call me?A: One of the first steps with our loan modifications is to contact and notify your servicing lender that we are representing you and demand they cease harassing you. It often takes up to thirty days for your lending company to acknowledge our settlement or loan modification requests.

Why You Need An Attorney To Handle Your Loan Modification

Congresswoman Maxine Waters states that the average American will not be able to handle a loan modification themselves. She is right. Homeowners should have an attorney for this process.

At the very least, the attorney will be able to advise the homeowner about their legal rights. At best, the attorney may create leverage. It is not an easy system to navigate. Many non-attorneys are attempting to profit from the current crisis and are leaving homeowners in a lurch. Here is a video from ABC Nightline on the difficulties you may face with loan modifications.

Wouldn’t it be nice if the homeowners in this piece had a lawyer who could assert their defenses or possible counterclaims for them? Even a Congresswoman was not able to fight this in court, threaten counterclaims for predatory lending, banking law violations, TILA violations etc, or offer the alternative of Chapter 13 bankruptcy. Imagine what all the non-attorney loan mod scammers are doing out there. Nothing good.

Are you behind on your home mortgage? Are you tired of getting phone calls at all times of the day and night?

My firm can offer the following services:

(1) Negotiate a Short Sale with the Bank and Close your Deal;

(2) Negotiate A Loan Modification, Forbearance or a Rate Reduction;

(3) Negotiate Reinstatement of Your Loan or Negotiate Reduction of Your Monthly Payments; AND

(4) File A Personal Bankruptcy to Keep Your Home.

You have many options and rights that need to be protected. Call Robert Aronov & Associates, PC  at (877) 529-6699 for a Free Consultation to discuss your needs and a specific plan to assist you.

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