The threat of foreclosure remains even as the American economy improves. You could still have your home taken away by creditors you cannot pay. There are ways for you to get a mortgage that costs less. A foreclosure attorney can provide you the support you need when you are facing foreclosure.
Facing down foreclosures
There are several ways you can avoid a foreclosure. A lot of them are part of the Obama Administration's Making Home Affordable (MHA) program. Using any of the programs under the MHA can lower what you pay for your monthly mortgage or get a better, more stable loan. Options are also available for those whose homes are worth less than their loan and for those looking for more affordable housing without foreclosing.
One of the main options under MHA is the Home Affordable Modification Program (HAMP). This makes your mortgage payments easier by lowering it to 31% of your monthly gross income. With an average drop of 40% in monthly payments, homeowners who took the HAMP save $1,000 or more.
Even better, those who qualify for HAMP have a form of limited protection from foreclosure. If your loan servicer is part of the MHA program, they cannot refer a loan for, or proceed with, a foreclosure sale without first evaluating your mortgage for HAMP. If you are eligible, you will be given a trial modification offer. Foreclosure sales are also not allowed while your loan is under evaluation or within the trial period. Your loan service must also use reasonable efforts to put you under foreclosure.
If you find that your home is worth much less than your mortgage, check if you qualify for the Principal Reduction Alternative (PRA) program of the MHA. This encourages loan servicers and investors to lower the amount you owe for your home. It is usually given to homeowners with a mortgage payment of more than 31% of their gross monthly income, are facing financial hardship or are having trouble paying their loan at its current rate, and have enough income to pay for a lower mortgage.
Getting some help
With the current state of the housing market, many lenders find it is better to get less rather than be stuck with a house they cannot sell. Despite all these incentives, though, some lenders and loan servicers will either refuse modification or give you a hard time getting one. This is where a foreclosure attorney in New York comes in.
Your foreclosure attorney is familiar with the different laws governing mortgages, and the procedures banks and other lenders use for processing loan modification requests. They facilitate the filling of forms and handling of requirements. They also know who to talk to so your mortgage adjustment request does not get stuck.
An experienced foreclosure attorney can handle the paperwork and details of your mortgage modification, or other options regarding your property like short selling. With their help, you can focus on fixing your finances while your foreclosure attorney helps you keep your home.
Jade Hay is looking for a foreclosure attorney after hearing about what a foreclosure attorney New York can do.
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