A loan modification, also known as a mortgage modification, is a negotiated change to the terms of an existing mortgage. It is designed to make monthly payments more affordable and sustainable for struggling homeowners. A loan modification could lead to a reduced interest rate, extended repayment period, or a restructuring of arrears. In some cases, penalties and fees may be waived. At Poltielov Law Firm P.C. our New York loan modification attorneys have the experience to guide you through this process.
Are you a homeowner in New York City who is struggling to keep up with mortgage payments? Falling behind can feel stressful and overwhelming, especially when foreclosure becomes a real possibility. Our Queens loan modification attorneys are dedicated to helping New Yorkers protect their rights, secure more affordable mortgage terms, and keep their homes.
To qualify for a loan modification, most lenders will require proof of hardship and the ability to pay under the new terms. Homeowners generally must show:
Our legal team can review your situation and help you prepare the strongest possible application that meets lender requirements.
The primary benefit of loan modification is avoiding foreclosure while staying in your home. Homeowners may see a lower monthly payment, reduced interest rate, or extended time to pay off your loan. Modification can stop an ongoing foreclosure proceeding and prevent many of the credit damages associated with losing your home. Most importantly, it creates long-term financial stability at a difficult time.
The loan modification process can be confusing, and lenders often deny applications that are incomplete or presented without legal guidance. At Poltielov Law Firm P.C. we assist our clients by preparing documentation, representing you in communications with lenders, and ensuring your rights are protected.
Loan modification and refinancing both aim to lower mortgage payments, but they work differently:
A loan modification often serves as one of the most effective foreclosure prevention strategies. Modification may be available even after a homeowner has defaulted or received a notice of foreclosure. By lowering payments, reducing arrears, or restructuring debt, a modification allows borrowers to move forward with a sustainable plan and remain in their home.
The modification process can be challenging to navigate without professional help. Our local attorneys understand the requirements lenders impose, the reasons applications are denied, and the strategies that are most effective in negotiations. We work one-on-one with homeowners in Queens and throughout New York to develop a plan that aligns with your financial reality. When your home is at stake, you need an advocate who knows how to fight for you.
Struggling with your mortgage? You’re not the only one. At Poltielov Law Firm P.C. we help New Yorkers just like you work out loan modifications that make payments manageable and protect their homes. Call us today at (718) 520-0085 for a free consultation and take the first step toward peace of mind.
A loan modification may reduce your interest rate, extend the loan term, or include past-due amounts in a new balance. These changes lower your monthly payment and make staying in your home more affordable. For many homeowners, it is the difference between keeping a home and losing it to foreclosure.
A loan modification is a permanent change to your mortgage terms aimed at long-term affordability. Forbearance, by contrast, is temporary relief, allowing you to pause or reduce payments for a period of time. Once the forbearance ends, the full arrears will still need to be addressed.
Not always. While many lenders prefer that borrowers demonstrate missed payments, some will approve a modification if you can show financial hardship and risk of falling behind. Applying proactively can sometimes work in your favor.
On average, the process takes 30 to 90 days from application to approval. However, delays are common if documents are missing or negotiations are drawn out. Having an attorney involved can reduce delays and improve chances of a favorable outcome.
Yes. Alternatives include refinancing, repayment agreements, forbearance, short sales, or Chapter 13 bankruptcy. The right choice depends on your financial circumstances. We help clients review all available foreclosure defense options and choose the path that best protects their home.
You should consider applying as soon as you realize your mortgage is becoming unaffordable. Acting early gives you more options with your lender and reduces the risk of foreclosure proceedings moving forward. Waiting too long can limit what a modification can accomplish.
