#loan mod

Long Island Loan Modification Lawyer

Are you behind on your mortgage payments? Has your mortgage company threatened to file a foreclosure action or have you been served with a foreclosure lawsuit? If you are struggling to pay your mortgage payments, you may be searching for ways to prevent foreclosure and keep your home. A loan modification can be an alternative to foreclosure. By modifying your mortgage loan, you may be able to change the terms of your mortgage so that you can keep your home. The Law Offices of Adam C. Gomerman is a federally designated debt relief agency on Long Island that specializes in providing several services to consumers. While bankruptcy and debt consolidation are viable alternatives in many situations, there may be a better way to handle some large, secured debts, such as mortgages. One of the services offered by Adam C. Gomerman is expert loan modification. This system has been in use for several decades, but it was a rare achievement to have it done successfully before the housing crisis of 2007 and the global recession that followed. If you are a Long Island resident, or live near our Huntington, NY office, contact us today to schedule a free loan modification consultation with our attorney, Adam C. Gomerman. Our Long Island loan modification lawyers can help you apply for a loan modification and negotiate the terms of the modification so that you can afford to keep your home. Contact The Law Offices of Adam C. Gomerman by calling (631) 549-1111 to discuss your options for keeping your home with a loan modification. With offices in Huntington, NY, our convenient Long Island location makes it easy to work one-on-one with our loan modification team.

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What is a Loan Modification?

A loan modification changes the terms of your original loan agreement and mortgage. Modifications are typically used when a homeowner cannot afford to continue making the mortgage payments and is in danger of losing the home. Once the lender approves the modification of your mortgage loan, the new loan terms become permanent for the remaining term of the loan.

Modification of existing mortgage loans can be extremely useful for homeowners who are facing foreclosure because of a financial hardship. The modification is especially beneficial for homeowners who owe a substantial amount in past due mortgage payments that they are unable to catch up in one lump sum.

Loan Modification Benefits for Long Island Homeowners

There are numerous benefits of modifying a mortgage. Of course, the most important benefit may be the fact that you can save your Long Island home from being sold at a foreclosure sale. However, several other benefits of a loan modification can help you in the long-term as you continue to recover from your financial crisis. Some benefits of obtaining a modification of your mortgage terms include:

· Reduction of the interest rate on your loan;

· Lower monthly mortgage payments;

· Converting a variable interest rate into a fixed interest rate;

· Waiver of fees, including late payment fees and missed payment fees;

· Extend the terms of the loan; and,

· Reduction of the principal amount owed on the loan.

You may or may not receive each of these benefits in a modification agreement. The terms of your modification will depend on numerous factors, including your specific financial circumstances, the value of your home, and the lender. However, our staff of legal professionals has experience negotiating favorable terms for loan modifications through the Flex Modification program and through private lenders.

In many cases, the benefits of a loan modification outweigh the potential drawbacks of a modification. For example, debt forgiveness can be taxable if the lender reduces the principal amount of the loan. However, when you weigh this drawback against the numerous benefits of modifying your mortgage, including saving your Long Island home, it is a small price to pay for a successful modification agreement.

How Does a Loan Modification Work for Residents of Long Island?

You must submit a loan modification package to your lender that complies with the terms set by your lender for modification applications. The package contains a variety of financial information, including copies of tax returns, bank statements, pay advices, and a letter of explanation of your financial hardship. Once the lender receives your package, it must evaluate the information to determine if it will approve your request to modify your mortgage loan.

Each lender uses a set of criteria to determine if a modification of your current mortgage is warranted. We discuss some of those factors below. However, the decision usually comes down to a solid business choice of whether the modification is more beneficial to the lender than a foreclosure action.

In many cases, a well-drafted loan modification package can tip the scales in your favor if the decision is close. Therefore, working with a Long Island loan modification attorney can increase the chance your application may be approved, especially if the criteria does not weigh heavily for approval or denial.

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Home Affordable Modification Plan (HAMP)

The Home Affordable Modification Plan (HAMP) was a program within the Making Homes Affordable (MHA) Program

. The MHA encompasses a variety of programs that can help homeowners who are facing foreclosure. Through these programs, homeowners who cannot make their mortgage payments because of unemployment may qualify for a loan modification, refinance, or temporary forbearance.

HAMP was the largest program used by homeowners under MHA to save their homes from foreclosure. However, HAMP was phased out in 2016 and is no longer available. Even though HAMP is no longer an active program for new modifications, you may still contact your mortgage company directly about modifying your existing loan to prevent foreclosure.

Furthermore, if you have a Fannie Mae mortgage, you may qualify for a loan modification under the Flex Modification Program, which incorporated most of the terms of HAMP but expanded some of the criteria to allow more homeowners to qualify for a modification to save their home. You can determine if Fannie Mae owns your mortgage by using its Lookup Tool online.

How to Qualify for a Loan Modification?

Live on Long Island? Learn how to qualify for a loan modification with our help.. We’re conveniently located in Huntington, NY, within easy access of all major Long Island parkways.

Each lender has a set of criteria that it uses to determine if a homeowner is eligible for its loan modification program. Some of the factors a mortgage company may use when reviewing a modification application for a privately backed mortgage include:

· Whether the home is your primary residence — Most mortgage companies only offer loan modifications for a primary residence.

· What is the condition of the property? If the property is in the process of being condemned or in a condition that is considered unlivable, the company is less likely to approve a loan modification.

· The net present value of the home. The mortgage company analyzes the net present value of the home with the modification and without the modification. If the net present value with the modification will be higher, the company is more likely to approve the modification.

· Whether your mortgage has been modified in the past. Lenders are not likely to restructure or modify a mortgage more than once.

· Other relevant factors set by the specific lender.

If Fannie Mae or Freddie Mac owns your loan, mortgage companies must follow the guidelines for the Flex Modification Program when determining whether a homeowner qualifies for a loan modification. The requirements for a modification under the Flex Modification Program include:

· Freddie Mac or Fannie Mae must own the loan. VA, USDA, and FHA loans do not qualify.

· The loan must have originated at least one year or more before your request to modify your loan.

· Only first mortgages qualify for the Flex Modification Program.

· Before requesting a loan modification, your mortgage payments must be at least 60 days in arrears.

· You cannot qualify for a modification if you have had three or more prior modifications to your loan.

Determining if you qualify to modify a loan backed by a private lender or a loan owned by Fannie Mae or Freddie Mac can be difficult. Our Long Island loan modification lawyer has experience dealing with various lenders, including putting together modification packages that can help increase the chance your loan modification application is approved.

Loan Modification vs. Refinance

A modification is not a refinance of an existing mortgage. As discussed above, a modification of your loan allows you to change the terms of your loan to make it more affordable to keep your home. However, a refinance does not change the terms of your current mortgage. With a refinance, you are applying for and obtaining a new mortgage with your current lender or another lender. When you close on the new mortgage, the proceeds of the refinance are used to pay off the current mortgage in full.

Therefore, you are getting rid of one mortgage by replacing it with another mortgage with a refinance. However, with a loan modification, your current mortgage remains in place, but with different terms.

Loan Modification vs. Forbearance Agreements

A forbearance agreement is also different from a loan modification. Instead of modifying the terms of your original loan agreement, a forbearance agreement suspends your monthly mortgage payments for a specific period. A forbearance agreement can also reduce your monthly mortgage payments for a specific time instead of suspending the payments.

A forbearance agreement can be used when you have a short-term financial problem that makes it impossible for you to pay your mortgage payments or your entire mortgage payment each month. You may want to consider a forbearance agreement if you are ineligible for a refinance or a loan modification.

How to Apply for A Loan Modification in the Long Island Area – 3 Simple Steps

The process of applying for a loan modification on Long Island can be overwhelming when you are trying to do it without any assistance from a seasoned professional. However, when you retain a law firm like ours, that has worked extensively with homeowners to modify existing loans to save their homes, the process becomes easier and less stressful.

Our attorney’s office located in Huntington can help you apply for your loan modification in three simple steps:

· Collect Your Financial Information — Gather together copies of your tax returns, bank statements, and pay advices. Any financial information that you believe may be relevant can help us as we analyze your financial situation to advise you of your options for saving your home from foreclosure.

· Collect Your Mortgage Information — Pull together copies of your mortgage statements, copies of your loan documents, and a copy of your mortgage. Any information or copies you received when you signed your mortgage loan can be very helpful.

· Call Our Team to Schedule Your Consultation — Contact our office to schedule a consultation to discuss a loan modification and other options for stopping foreclosure actions.

Because we are also experienced Long Island bankruptcy attorneys, we can explore other legal options for stopping a foreclosure sale. If you do not qualify for a loan modification, a Chapter 13 bankruptcy filing

can stop foreclosure and allow you to catch up your past due mortgage payments over a 60-month bankruptcy plan. In addition, you can also resolve other debts through the bankruptcy that you are unable to pay because of a financial hardship.

Do you want to keep your house but are behind in your mortgage payments? Would you prefer to not do a short sale? There's hope for you! Utilize our experience and do a LOAN MODIFICATION. If you are approved, the bank will redo your loan terms and bring your account current! The process to do so can be frustrating and complicated to some, so use us to get it done! We have negotiated with banks on numerous deals helping California homeowners just like yourself. Even better, our cost to do a loan modification is drastically LESS than many others! We have heard people charging $6000 to do loan modifications. Crazy! We only charge $3000 for one loan, $3500 for two or more loans. We can do a loan modification for ANY homeowner in California! Call or email us today!

661-706-6922 or [email protected]

540-735-2088, Barbara and Douglas Jennings Keller Williams , Search Fredericksburg Homes For Sale 

302 Westwood Office Park , Fredericksburg, Va 22401 

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March 2012 Market Update

March 2012 Market Update

March 2012 Market Update

Opportunities in the housing market continue to grow for buyers and sellers. Home affordability, driven mostly by record low interest rates, is among the lowest it has ever been. According to the National Association of Realtors, and based on national averages, the payments on a home today represent 12.8% of the median household income. This is both a good sign for those looking to purchase a home, and for the economy overall as consumers are keeping more money in their pockets.

If you’re seller, the housing market shows signs of transitioning from a buyers’ market more of a balanced one. This means that home owners should start to see prices stabilize and begin to grow, presenting more favorable opportunities for those looking to sell their homes. In regards to the number of homes on the market, a key indicator of the health of the housing market, Lawrence Yun, NAR chief economist, said, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers."

With continuing job creation, the improving housing sector, and signs that the banks are beginning to lend more, 2012 looks to offer promising opportunities to both those looking to buy or sell a home.

Home Sales

in millions

Home sales were up 4.3% in January from December 2011 to 4.57 million (seasonally adjusted), and this is up from 0.7% from the year before.  The steady increase in home sales over the last few months is positive encouragement for a continued housing recovery. Lawrence Yun said, “The uptrend in home sales is in line with all of the underlying fundamentals– pent-up household formation [lack of new home construction], record-low mortgage interest rates, bargain home prices, sustained job creation, and rising rents."

Home Price

in thousands

Adding to home affordability in January, the median home price was down 2% from a year ago, to $154,700. While prices are still declining, foreclosed and other distressed properties, which have been putting downward pressure on home prices, are being moved more efficiently off the market, and default rates on home mortgage payments for the past three years are among the lowest in history.

Inventory- Month's Supply

in months

As sales increase with a growing demand for homes, the inventory of properties for sale fell 0.4% to 2.31 million, or a 6.1-month supply at the current sales level. This is down from a 6.4-month supply in December 2011. Historically, a 6-month supply has meant that the housing sector is balanced–favoring neither buyers’ nor sellers’.

  Source: National Association of Realtors

Interest Rates

The most powerful indicator of home affordability, interest rates on mortgage loans, were down again in January. The national average for a 30-year fixed mortgage was 3.92%, down 0.04% from the month before, and down nearly an entire percentage point (0.84%) from a year ago. These historically low rates, coupled with today’s home prices, represent an incredible opportunity for home buyers.

   This Month's Video

Topics For Home Owners, Buyers & Sellers

Preparing your home for sale can seem daunting, but these tips will help you get the best price in the least amount of time.

1. Organizing and cleaning are crucial when prepping a home for sale. Potential homebuyers have a more positive reaction to a home that is clutter-free and that gives them the feeling it is “move-in ready."

2. Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers make informed decisions.

3. Have your warranties ready—especially for home appliances that will stay with the home after the sale.

4. Curb appeal is a crucial factor because it determines first impressions. A poor first impression can cloud their entire opinion about the home. 

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report. 

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources.  You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice.  You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.  All investments involve some degree of risk.  Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

We all have been living during a sad chapter in U.S. banking history, where several thousand America’s each year have been losing their homes to foreclosure, and apparently some of these foreclosure proceedings have been illegal!

An editorial in today’s Salt Lake Tribune entitled “Foreclosure abuse: The scum also rises” the Tribune talks about the federal probes into allegations that illegal procedures were apparently used by some banks including Bank of America and Wells Fargo in foreclosing on Americans. The piece finishes with the telling statement “of course, people’s homes were on the line, but that didn’t stop the rush to foreclosure. And, still, no one has gone to jail.”

Our company, Platinum Financial LLC, NMLS # 397353, is fully authorized, licensed and experienced to help homeowner with loan modifications.

You may be wondering about the loan modifications and what are the important things to know before you proceed down this path.

Here are some important tips to remember for Utah Homeowners:

***THE DO’S

1. Do make certain the loan modification company or individual you are working with is licensed with the Utah Division of Real Estate as a loan originator.

Use the National Mortgage Licensing System & Registry (NMLS) Consumer Access system or call 801-530-6747.

2. Do talk to your lender or servicer as soon as you think you could have a problem paying your mortgage on time. You will not have to pay your lender or servicer to modify your loan if you meet eligibility requirements and are qualified.  (Most homeowners find out too late that they are NOT qualified.  We can sit down with you and within a few minutes let you know if you should qualify for a loan modification. Don't let your lender make you wait months only to find out that you don't qualify and then lose your home to foreclosure!  Click HERE and fill out the quick form to see if you could qualify for a loan modification.)

3. Do make your mortgage payments only to your servicer or lender if at all possible.

4. Do make sure you understand the documents you are signing.

5. Do file a complaint with the Utah Division of Real Estate if you think someone offering loan modification services is trying to scam you.  Even Attorney's in the state of Utah must comply with state guidelines.  Before you hire an attorney check to see if they have the proper licensing to help with loan modifications!

****THE DON’TS

1. Don't ignore mail from your lender or servicer.

2. Don't stop making your mortgage payments. If you do, you will move closer every month to foreclosure.

3. Don't pay large upfront fee to anyone for loan modification services until you receive a written contract with detail about the services you will be provided.  if someone says they can help you obtain a loan modification for $3K then it could be a scam.  Paying for products or education is okay, but make sure that the company offering the product or education is properly qualified.

4. Don't work with a loan modification company or individual that pretends to be a government agency claiming to help.  Many companies who impersonate government agencies are just scam artists.

5. Don't sign documents with blanks.

6. Don't sign a warranty deed or quitclaim deed giving your title to anyone. When you lose title, you lose ownership...BUT you STILL owe the DEBT!

Again, our company, Platinum Financial LLC is fully authorized, licensed and experienced to help homeowner with questions about loan modifications.

Reports of mortgage fraud as well as fraudulent foreclosures come with been on the rise for the entire past few years.  It really is expected which the actual total amount of foreclosure filings by the end of 2011 may be about 9 million dwellings.

The actual government and then the news desire buyers to believe that the particular financial woes of the country happen to be simply fallout within the sub-prime lending turmoil.  What exactly is hardly ever stated typically is exactly how countless individuals that currently have been losing their homes never need.  Thousands of wrongful foreclosure usually are happening all over the entire country - perpetrated by the particular banks - however some of us usually are still told which the best technique to try not to mention eliminate property foreclosure is actually by speaking directly with our lender.

In the event you bought an apartment within the previous 10 years, odds are really your own mortgage loan had been securitized.  This would mean that your bank separated the actual title that would your residence from the financing right after which proceeded that would pool thousands of mortgages together and additionally trade them a great deal like you might alongside stocks and bonds.

A great deal of banks currently have failed to be able to follow the actual proper treatments whenever securitizing loans.  This particular means they currently have lost track of who has the title and also whom owns the particular loan.  When this particular has happened, then your bank cannot legally foreclose on your own dwelling, creating any attempt at a home property foreclosure a fraudulent property foreclosure. This issue has been now rampant, a lot of states come with orders banks in order to prevent foreclosure proceedings, due to be able to the actual big amount of mortgage business employees pretending that would be bank officers not to mention falsified documents making use of a procedure generally known as robo-signing.

It ought to be noted which lots of advocates of homeowners believe the particular robot signing might have been performed to conceal the actual deeper problems of securitization.  Therefore, whenever you are acquiring a loan mod or securitization audit, make certain that the entire auditor in addition checks for Robo signing.

In the event that you happen to be facing foreclosure, the entire best option to safeguard yourself from a fraudulent foreclosure typically is to enjoy a securitization audit performed on your foreclosure loan.  A securitization audit might analyze your own documents then determine in case the financing had been securitized properly by the bank.  In case it wasn’t, a securitization audit is actually indisputable evidence that the entire bank typically is trying to manufacture we a victim of the fraudulent foreclosures, as well as they will have to eliminate foreclosures on your house.

These unlawful practices currently have been going on unnoticed for many years.  Don’t allow yourself to be another target of greedy banks!  Their greed has not just ruined America’s economy, and the entire lives of thousands of hardworking American homeowners. This really is the reason why big bank detest securitization audits a whole lot - the two expose exactly how the mortgage loan scam is actually running amok via the entire banking industry.

You may eliminate foreclosure on your own residence by taking matters into your hands as well as having a securitization audit. Indeed there tend to be many firms out there which specialize throughout securitization audits, blocking fraudulent foreclosures, then hunting out for the actual homeowner.

Many people think that once their house has been foreclosed upon, that is it.  They don’t realize that they do have the potential ability to stop foreclosure proceedings.  There are a lot of cases where houses that never should have been foreclosed on have had wrongful foreclosures brought against them, and people that never should have had to worry ended up losing their homes.

Originally, the law stated that if someone defaulted on their mortgage, ownership of the property would automatically go to the lender.  Over the years, however, the law has been refined so borrowers can have time to pay off their mortgage before their property is taken away.

The dictionary defines foreclosure as the process of taking possession of a mortgaged property as result of the borrower’s failure to keep up with their mortgage payments.  Essentially, if you don’t pay your mortgage, the bank that you have borrowed money from has the legal right to take possession of your property.

Thus, when you are asking, “what is foreclosure?” think of it more as a foreclosure process.  That foreclosure process is the in-between time which begins with the Notice of Default or Lis Pendens and ends with the sheriff’s auction.

A lot of people have even been able to go back into their homes after being foreclosed upon thanks to evidence of wrong doing on the part of predatory lenders.  Just having a securitization audit as evidence that the bank was involved in an illegal foreclosure can make the bank more willing to negotiate terms and stop foreclosure proceedings, and quite possibly give you a loan mod that will save you money in the future.

With the mortgage crisis, millions of people have been unable to keep up with the costs of their mortgage.  Job loss and illness as well as exorbitant interest rates have just made it too hard for a lot of people to make their payments.  Often this is because they were originally placed in a predatory loan, which left them unable to have any type of savings to help them ride out a storm.

A securitization audit will also examine your loan documents and look for issues such as robo signing.  This can stop foreclosure proceedings.

These escalating foreclosures have caused the banks to look for ways to “speed the foreclosure up.”  Since there have been a lot of foreclosures, many large banks have started to use a system known as robo signing in order to speed the process of foreclosure up.  This robo signing is, in fact, illegal.

If a bank has started foreclosure proceedings against you, one of the ways to help stop foreclosure is to obtain a securitization audit.  A securitization audit will examine your mortgage documents for irregularities.  It is possible that you have a predatory loan with an interest rate much higher than it should be.  By having a securitization audit, you could potentially have a mortgage adjustment where your interest rate can be lowered and you could even be reimbursed for any interest you have paid at the higher, incorrect rate.  A securitization audit can save you thousands of dollars which could be the difference between your house being foreclosed upon or not.