How to Stay Afloat in a rising tide in an Underwater Home

There are laws and bank programs that can help you keep your house.  In order to do this you need to know the system and try to maximize what banks are capable of offering in a Loan Modification.

I am working with a company that has been in the pre-foreclosure business for more that 5 years.  We have a long experience and have  strategies to maximize your situation and get the best terms and interest rate on your mortgage. For Example:

Receive Rates as low as 2%

Lower Monthly Payments

Erase Delinquent Payments

Extend Mortgage Terms

Get principal Reduction on your mortgage (Reduced your Mortgage debt reflecting current market value – depending on your investor)

Loan Modification is the most effective tool you can use if you are facing a financial hardship and are having a hard time making your payments. With a loan modification, your loan is restructured so that it is more affordable and will fit your budget. This is accomplished by either reducing the interest rate, reducing the balance or a combination of both. - a loan modification might allow you to afford your mortgage payments and help avoid foreclosure.

Can you do this yourself?

Sometimes! BUT, do you want the best results possible? You have to realize that your lenders loss mitigation departments are trained to get the most money out of you that they can. You cannot just call them and expect to get the lowest interest rate possible! Lenders are so backed up with files right now, even if you do make it through the mess and get a loan modification approved on your own, chances are it won't be as good as if you hired an experienced modification company to negotiate for you.  A 2% interest rate is going to lower your payment much more than a 5.0% fixed!   And at the same time, we are going to make a case for Reduction of Principal.  We employ the right strategies to make the bank help maximize your situation.  Bankruptcy usually helps with the process.

The statistics are scary; more than 85% of homeowners who attempt a loan modification on their own fail. It takes a specialist to understand what the bank is requiring for documentation and how to complete the information, as one seemingly minor mistake could be the difference between you being denied or approved.

Let’s us work on the latest principal reduction programs available including the HAMP Principal Reduction Alternative Program. 

On October 1st, 2010, new HAMP mortgage modification guidelines were implemented called the Principal Reduction Alternative or PRA. Under the new PRA guidelines, servicers must evaluate any loan modification that is considered for HAMP and use Principal Reduction as the next step to reduce the monthly payments to the 31% monthly income cap. This is a drastic change, as previously principal reductions were the "last resort" for getting the monthly payments to fit the 31% cap. 

If you have any questions please call...

John Gonzalez

Law Office of John Gonzalez P.C.

631-451-7834

johngonzalez@nybklawyer.com