Our bank will not give us a permanent loan modification. What can I do?
A: Loan amount, interest rate, term left on loan, real estate taxes, insurance, borrowers income and house value – All are needed to determine suitability for loan modification. If the lender refuses the modificiation request the borrower has to look to see if a foreclosure is started it will give them more leverage when the lender is forced to go to a judge mandated conference or will it cause them to lose a home that they still have equity in.
All cases are different but fortunately many judges are making unreasonable lenders listen to good faith modification proposals before allowing a foreclosure to proceed.
Contact your local bar association for a list of attorneys who do modifications in New York. If you can’t afford a lawyer many local not for profit legal services offer homeowner assistance programs.
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