The Law Firm Of Guttmann & Kellner, P.C.
25 West Main Street
Smithtown, New York 11787
Phone: 631-360-2175
Fax: (631) 360-3393
24 Hour Number: (718) 830-7121
E-Mail us at ExperiencedLaw.com
"When Experience Counts"
No Hidden Fees -
Competitive Rates - We Fight For You - 50 Years Combined Experience
Experienced Mortgage Modification
Attorneys and Loan
Modification Attorneys on Long Island, serving
Suffolk County, Nassau County and New York City.
THE MORTGAGE
MODIFICATION PROCESS
: HOW OUR MORTGAGE MODIFICATIONS LAWYERS HELP
A loan modification is similar to a mortgage
refinance in that the objective is to find you a more affordable mortgage
payment. The main difference is that instead of shopping for a "new" loan,
you will just simply "modify" the terms of your existing mortgage. Today's tough
economic times have turned the housing market upside down. Decreasing home
values have made mortgage refinancing often impossible. There are ways
however to save your home and avoid foreclosure.
The U.S. government in
response to the thousands of families who find themselves facing possible
foreclosure have created a number of programs to save your home. Let GUTTMANN &
KELLNER, P.C. walk you through this often complicated process.
To
qualify, you need to prove that you're in financial hardship, and that you can
get back on your feet if they do grant you the change. The
mortgage modifications attorneys at GUTTMANN & KELLNER,
P.C. will help you prepare your case and negotiate with your lender. We will
also closely examine your mortgage agreement and the circumstances of your
prior mortgage process to see if your lender has committed any predatory lending
violations, which we can use to support your appeal.
Preparing your Mortgage Modification Case:
* We will sit down
with you and prepare an appropriate Hardship Letter. This is your initial
opportunity to explain to the bank your particular financial hardship and your
ability to make modified payments.
* We will assist you in obtaining
and presenting all necessary financial documentation including copies of two
months of bank account statements, two months of pay stubs, a home appraisal,
and a recent tax return.
* We will assist you in preparing a monthly
budget (your monthly income and your monthly expense) to show that you have
had a material (significant) change in your financial circumstances.
The Home Affordable Refinance Program, or HARP, and the Home Affordable
Modification Program, or HAMP.
To qualify for the HARP program and
refinance your mortgage, you must be the owner of a one to four
unit property. The amount you owe on your mortgage compared to the value of
your home is also important. If your home is worth at least 125% of the
outstanding balance of your home you could be eligible. Additionally your
mortgage, taxes, insurance, and any homeowner dues have to be more than 31%
of your gross monthly income combined. This is necessary for you to qualify
and you also must be in some sort of financial hardship.If accepted
for a mortgage modification plan, borrowers are put into trial modifications for
several months to make sure they can handle the new payments and to give them
time to submit the proper financial documents and proof.
Additional
Programs:
Second Lien Modification Program (2MP):
For owners who are having a tough time making their house payments because
they have a second mortgage, this program offers a way to lower the payments on
the junior loan when the primary mortgage is modified under HAMP. Under 2MP the
owner of the second lien and the company administering the loan on its behalf
are given monetary incentives to reduce your rate, extend the term or possibly
even extinguish the loan altogether.Home Affordable
Foreclosure Alternatives Program (HAFA):
This program is designed to
streamline two popular options to foreclosure, a short sale (the loan servicer
allows you to sell the property for less than what is owed) and a
deed-in-lieu (you voluntarily transfer ownership to the servicer with the
understanding that foreclosure proceedings will be dropped). If you can no
longer afford your home but want to exit gracefully and avoid the negative
effects of foreclosure, this short sale program offers up to a $3,000 cash
stipend to help you transition into more affordable housing. To qualify, you
cannot be eligible for a trial loan modification, fail to complete a
successful trial mod, or miss two consecutive payments during the trial mod
period.
WHY CHOOSE ATTORNEYS GUTTMANN & KELLNER, P.C. FOR YOUR MORTGAGE
MODIFICATION?
We can help save you from and avoid foreclosure. We are local. No
hidden fees. Our competitive rates are disclosed before you pay.
We are an
actual law firm, not a fly by night loan modification / mortgage modification company set up to make a fast buck off of
your troubles. As a bonafide law firm, we are obliged to strictly follow all
ethical and legal quidelines set by the N.Y.S. Appellate Division.
We
only handle clients in New York. Your mortgage modification or home saving
solution will be supervised by an attorney, not a telemarketer or an out of
work mortgage broker.
We are experienced real estate transaction
attorneys, not mortgage brokers, bankruptcy lawyers, or so-called credit
counselors. We are former Prosecutors, trained Trial Attorneys with a
combined 50 years of trial experience.
Individual attention is paid to
your mortgage modification or solution. We do the work, not you.
We
will act on your behalf and negotiate with your lender to get you mortgage
relief. Whether your goal is to
save your home and stay, or simply sell it without going through foreclosure,
GUTTMANN & KELLNER, P.C. will fight for you.
Contact Our Long Island Modification Lawyers
Call (631) 360-2175 to speak with our New York
mortgage modification attorneys today.
Read about
foreclosure
defense.
You may have arrived here because
you were searching for information on mortgage loan modification, home mortgage
modification, loan mortgage modification, modification of mortgage, mortgage
help, or mortgage relief.
E-Mail us at ExperiencedLaw.com,
"When Experience Counts."
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