For most people, a mortgage is the largest amount of debt they’ll take on in a lifetime, and if all goes well (after 30 years) they’ll end up with a valuable, paid-in-full asset.

 

However, 30 years is a long time to count on things always going right. Between today’s economy, the tightening job market, and unforeseen medical problems, there are a slew of hurdles that can impede a homeowner’s path to holding a home title free and clear.

 

If you’re one of the hundreds of thousands of Americans who find themselves in a situation where income is dwindling (or obligations are expanding), there are a variety of options available to you to help you achieve a mortgage reduction in Long Island

 

Mortgage reduction for Long Island homeowners can be achieved via a variety of means, including:

 

EXTENDING THE LIFE OF THE LOAN:  Given the backlash against the lending industry (and the unprecedented bailout money offers to them), lenders today have more incentive than ever to implement programs for mortgage reductions for Long Island homeowners. One method is to extend the period of the loan, and 40-year loans are becoming an increasingly more common means of getting people into a house and helping current homeowners modify a mortgage obligation to a more manageable level.

 

RATE REDUCTION:  With a glut of homes in foreclosure, lenders who were once unwilling to renegotiate terms are now more willing to work to implement a program for mortgage reduction for Long Island homeowners. A foreclosed property costs money to maintain, and banks are facing increasing pressure from communities who are cracking down on lenders who let a foreclosed property get run down. Between the property taxes, yard maintenance costs, and water bills to keep up a property’s curb appeal, lenders have come to realize that it is fiscally prudent to develop a program for mortgage reduction for Long Island homeowners than it is to proceed immediately to foreclosure. Many attorneys now specialize in loan modifications, and can guide you through this process of negotiating a rate reduction.

 

If you’re a struggling homeowner, don’t give up hope – there are methods available to help keep you in your home. With a little research and assistance from an attorney who specializes in developing programs for mortgage reduction for Long Island homeowners, you can keep avoid foreclosure and remain in your biggest asset – your family home.

 
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Many homeowners today struggle when it comes to meeting their monthly mortgage obligation. Whether it’s because of the loss of a job or a reduction in hours, unexpected medical bills, or a change in life circumstances (such as divorce), the payment that was once manageable can easily become a financial albatross.  

 

But there is one benefit from today’s economic downturn – now lenders have more incentive than ever to implement programs that give loan reductions to Long Island homeowners.

 

Lenders have finally conceded that it’s far more prudent to help consumers with programs that feature loan reductions for Long Island homeowners, than to deal with yet another foreclosed property that will most likely languish on the market for months (during which time, they are responsible for maintenance, taxes, and homeowner fees.)

 

While there are many avenues of relief available to you if you are struggling, an attorney who specializes in loan reductions for Long Island homeowners is your best bet when it comes to garnering the cooperation from usually callous lenders who tend to see you as an account number on a file rather than a human being.

 

How do these programs that offer loan reductions for Long Island homeowners work? There are a variety of ways to modify or reduce a loan, including negotiating an interest rate reduction, developing a separate payment plan for past due amounts, and even resetting your loan balance to your home’s current market

 

And while you can try to negotiate terms and modifications for loan reductions for Long Island properties yourself, that’s not usually the best choice. Think about it – you’re doing this for the first time (or at least trying to), while a professional attorney who specializes in programs that offer loan reductions for Long Island homeowners does it on a daily basis.

 

Attorneys not only know the process, but they’re familiar with each particular lenders rules and guidelines. More importantly, they know which lenders make exceptions in their rules and guidelines. Just because a lender tells you they never give rate reductions doesn’t necessarily mean it’s so. A consumer might take them at their word, but a competent attorney adept in negotiating loan reductions for Long Island homeowners knows otherwise.

 

If you’re a struggling homeowner, don’t despair, because help is out there. By working with a reputable, experienced attorney who specializes in loan reductions for Long Island properties, you can start down the road to recovery, instead of down the road to foreclosure.

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With the slew of mortgage modification programs available today, how can homeowners choose the best one for their respective situation? How do you know if a mortgage modification program is right for you, or if there is indeed some other better alternative out there?

 

Oftentimes, homeowners feel that conceding to foreclosure or even bankruptcy are the only viable alternatives available to them. But with today’s economic stimulus packages, however, hope is at hand. The government sensibly realizes that home ownership fuels national economic stability, so they’ve created numerous mortgage modification programs that can give you the breathing room you need and help you regain your financial footing

 

A mortgage modification program may indeed be right for you, but as with any government program there are regulations and criteria. Most programs require owner occupancy (i.e., not a rental or investment property), and preclude the borrower from having a large amount of unsecured debt (i.e., credit card debt.)

 

But don’t despair, because even if you have substantial unsecured debt, there are other types of mortgage modification programs that exist to help you as well (usually with the caveat of mandated consumer credit counseling.)

 

An exorbitant monthly mortgage payment can truly be an albatross around your neck – the one thing weighing you down and holding you back from gaining traction to shore up your financial footing. Whether you’re a victim of a balloon payment come due or an astronomical rate adjustment, the right mortgage modification program can tame that savage beast and give you financial peace of mind.

 

We invite you to contact us today and let us show you the array of mortgage modification programs that are available to you, so you can put your financial worries to rest and start living a better tomorrow – today.

 

 

You see it almost daily in the headlines:  Government economic stimulus packages to help struggling homeowners. But how is a layperson to sort through the hype of all the recently created mortgage loan modification programs out there?

 

That’s where we can help. At The Law Offices of Ronald Weiss, we’re adept at helping homeowners in distress. First we help you take stock of your current situation, then work with you to educate you about the variety of mortgage loan modification programs out there. These programs can be lifesavers for struggling homeowners, allowing them to reduce their mortgage payments and save their homes.

 

Mortgage loan modification programs aren’t right for everyone, however. Because these are government programs, rules and regulations have been put into place to keep people (usually investors) from taking advantage of the programs.

 

In order to qualify for a mortgage loan modification program, you must:

 

• Have a documented financial hardship or change in financial circumstances
• Be delinquent on your mortgage by 90 days or more
• Occupy the property yourself (investment/rental mortgages do not qualify)
• Not have filed for bankruptcy

 

While your situation may seem overwhelming to you, when viewed through the eyes of an unbiased, experienced professional, there is often hope. Our experts at The Law Offices of Ronald Weiss can introduce you to an array of mortgage loan modification options which can reduce your monthly mortgage payment and give you the breathing room you need to get back on track.

 

So contact us today, and let our experienced professionals show you the many ways we can help get you back on the road to recovery. A mortgage loan modification may not be right for everybody, but may be just what you need to get you on the path back to financial freedom. 

  

Today’s tough economic times have brought one welcome consolation to homeowners in distress – an unprecedented chance for loan modifications on home mortgages.

 

The recent unveiling of the government’s $75 million dollar program gives homeowners an array of options for loan modifications – ones that can help keep homeowners in their homes, and reduce their monthly payments to something far more affordable.

 

While there are restrictions and oversights on the programs, these stability plans and loan modifications can oftentimes cut a monthly mortgage payment in half (which goes a long way in assisting struggling homeowners in regaining their financial footing.)

 

As experienced attorneys specializing in loan modifications, we know you have questions:

 

• Are any of these loan modification programs right for me and my situation?
• How do I qualify?
• What steps do I have to go through?
• How much money can I really save?
• What are the fees and costs?

 

 

If you’re a struggling homeowner, these new programs were designed specifically with you in mind!

 

Rest assured, the American Dream is not dead. And  now – with  the help of a wide assortment of loan modifications available today – it’s no longer dying, either.

 

These programs may be just the lifeline you need, but there are complexities involved. You just need guidance from an experienced professional.

 

At the Law Offices of Ronald Weiss, we’ll help you sort through the sea of programs and paperwork, and get you started on a path to calm your financial turbulence as you set sail for a more secure tomorrow. 

 

 

 

New York State is far from immune to the problems of bankruptcies and foreclosures. Even the up market areas of Nassau and Suffolk Counties are finding this to be a growing problem.  This is a problem that is hurting mortgage companies and banks, as much as it is hurting the financially distressed home owner. When a foreclosure occurs, no one wins.

 

That’s why financial institutions are now actively pursuing the option of mortgage modifications as a means to allow people to retain their homes. Mortgage modifications are meant to reduce the financial burden on the homeowner and allow him to continue to remain in possession of his property, while paying off the mortgage at a more convenient rate. Often the total amount of the outstanding balance is also reduced to make the payments more workable. This is not charity on the part of the financial institutions. Mortgage modifications may result in a lowering of their profits, but a reduced profit is better than no profit or the loss you would suffer when a foreclosure takes place.

 

It is important for homeowners to understand that mortgage modifications are a business practice and not just blindly accept whatever restructuring the financial institutions offer. This misplaced sense of gratitude that homeowners show when offered mortgage modification is something that finance companies use to their advantage.

 

Always remember the mortgage modifications are being offered because it is in the interest of the finance companies not to foreclose on the property. When a foreclosure happens you both lose. If you are looking for or being offered mortgage modifications, you need to be clear of what it is you are getting and what is expected of you. This is business, so don’t be afraid to negotiate hard.

 

Mortgage modifications can com with complex issues and many people in the Nassau and Suffolk areas are contacting Long Island foreclosure lawyers for advice on the mortgage modifications being offered to them by the financial institutions. It is not just a case of trying to prevent foreclosure for Long Island residents. The financial institutions want to salvage as much for themselves as they can from the situation and while the mortgage modification terms may be better than what you originally had, they may not be as good as what you can negotiate for.

 

Consulting a Long Island foreclosure lawyer will enable those involved in the mortgage modification process to make sure that the new deal they are getting is the best one available and that there are no hidden issues that could cause problems later on.

 

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Over the last few months we have seen what can happen not just to homeowners, but to the economy of a country, and even the world, when mortgages go wrong. Even the residents of affluent areas like Long Island are suffering. One might have thought mortgage problems would be more manageable. The number of people consulting foreclosure lawyers in Nassau and Suffolk Counties has seen a big increase.

 

In mortgage modifications & negotiations, people tend to focus on the interest rate. While this is a critical factor and needs to be given ample attention, there are other factors that are often overlooked and can cause as much harm.

 

When you are shopping around for a mortgage, always ask for a no obligation quote. This will allow you to avoid revealing your income details to everyone and keep your credit rating from being subjected to too many lender inquiries. At the same time, when you have to provide income details, make sure they are accurate and verifiable. Mis-stating your income even once, can affect your credibility and how much the mortgage is going to cost you.

 

If your credit is not the best, do not allow lenders to use that to push you into excessive interest rates, fees and unfair conditions. Be up front about your credit rating and sooner or later you will find a lender who will be genuine in their efforts to give you a fair deal.

 

Remember, you have a right to question the need for any condition that does not seem fair or necessary to you. It is the lenders job to convince you of why it is required. Shop around for mortgage offers and study comparisons. You will find wide variations in the terms and conditions. If need be, get an expert to tell you what is right for you. A mortgage with a low interest rate, but impossible conditions can cause several problems.

 

Consider the penalties for things like defaults and prepayment very carefully. This is where many of the pitfalls are hidden during mortgage negotiations.

 

Also, remember knowing what to avoid is not the same as being sure you get the best. That’s something that should be left to experts like Long Island foreclosure lawyers who know more about mortgage negotiations and their complexities and ramifications than others. They have seen what happens when a mortgage goes wrong and are the best ones to point out where you should look for additional benefits and where the dangers lie.

 

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A lot of people may think that loan negotiation, is a simple process. Actually it is not, but there are some things you need to know that could make it easier for you.

 

1. A great loan negotiations technique is to look at the figures and say point blank that you cannot afford it. The lender will not want to let business go and will usually make you a better offer. This puts you at an advantage, since it was the lender who started negotiating, not you.
2. A second option is to say that you have received a better offer than the one you are negotiating. Mention a lower interest rate, but do not make it too low. The lender will talk about the other benefits they are offering. Stick to the issue of the interest and when they agree to a better offer, then say that you want to see if the “first lender” can match it and you want a day or two before going forward. The lender may improve this offer even more, in an effort to secure your business. If they do so, you have them where you want them and you should try to get some more concessions and close the deal quickly.
3. Once you have the interest rate in place, you can go on to other aspects of the loan that affect you, like installment payment dates, prepayment penalties, default provisions and so on. Having accepted the interest rate, the lender will know you are serious and will try to offer you the best so that they can close the deal.

Keep in mind what is as important as the terms and conditions is what they put down in writing. Long Island foreclosure lawyers say that one of the biggest causes for homeowner dissatisfaction and financial problems is that homeowners did not get expert help while negotiating their loans. Even residents of the affluent Nassau and Suffolk Counties are finding the mistakes they made while their loan negotiations were being done are now coming back to haunt them.

While a home owner needs to know as much as possible about his home loan and how it affects him, many of the issues involved are beyond the comprehension of the lay-person and having expert advice available can save you from making avoidable and costly mistakes. A Long Island foreclosure lawyer will know the entire loan negotiation process and will be in a position to give you advice that could make life much easier for you.

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Today’s tough economic times have brought one welcome consolation to homeowners in distress – an unprecedented chance for loan modifications on home mortgages. The recent unveiling of the government’s $75 million dollar program gives homeowners an array of options for loan modifications – ones that can help keep homeowners in their homes, and reduce their monthly payments to something far more affordable. While there are restrictions and oversights on the programs, these stability plans and loan modifications can oftentimes cut a monthly mortgage payment in half (which goes a long way in assisting struggling homeowners in regaining their financial footing.) As experienced attorneys specializing in loan modifications, we know you have questions:   - Are any of these loan modification programs right for me and my situation?   - How do I qualify?   - What steps do I have to go through?   - How much money can I really save?   - What are the fees and costs? If you’re a struggling homeowner, these new programs were designed specifically with you in mind! Rest assured, the American Dream is not dead. And  now – with  the help of a wide assortment of loan modifications available today – it’s no longer dying, either. These programs may be just the lifeline you need, but there are complexities involved. You just need guidance from an experienced professional. At the Law Offices of Ronald Weiss, we’ll help you sort through the sea of programs and paperwork, and get you started on a path to calm your financial turbulence as you set sail for a more secure tomorrow.