Can I get a loan modification if I'm delinquent on my mortgage?

In New York, you may be eligible for loan modification if you are delinquent on your mortgage. Generally, loan modification is a process by which the lender agrees to modify the terms of an existing loan, such as the interest rate or monthly payments, in order to make it easier for the borrower to repay the loan. To be eligible for loan modification in New York, your mortgage must be delinquent or in default. The New York State Foreclosure Defense Law provides a number of ways homeowners may be able to modify their loan. In particular, the law provides for loan modification if a homeowner can prove that they are unable to make payments due to a financial hardship, that they are current on their mortgage payments, and that they will be able to make their payments if their loan is modified. To apply for a loan modification in New York, it is important to contact your lender as soon as possible. You will need to provide documentation of your income and financial situation in order to prove your eligibility. If your lender agrees to modify your loan, you may be able to negotiate a lower interest rate or a longer repayment term. It is important to keep in mind that loan modification is not the only option available if you are delinquent on your mortgage. You may be able to negotiate a deed in lieu of foreclosure or a short sale, or you may qualify for a forbearance or deferment. Before making any decisions, it is important to consult with a knowledgeable foreclosure defense lawyer who can guide you through the process and ensure that your legal rights are protected.

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