anthony@casseselaw.com
7-11 South Broadway, Suite 308
White Plains, New York 10601
(914) 533-3030

Short Sale & Loan Modification

In today's unstable economic climate we are finding that many homeowners are facing difficulties with meeting their monthly mortgage obligations.

We can assist you with any of the following business law matters:
Probable Causes

  • Variable Rate Mortgages
  • Loss of employment
  • Change in income and/or employment
  • Loss of a spouse
  • Other financially related issues
The Consequences
  • Bankruptcy
  • Bad Credit History

Understanding the difficulties that our clients face, our firm has dedicated its resources to assist those struggling homeowners falling behind in their mortgage payments.

We have devised a workout plan by negotiating a loan modification or a forbearance agreement with their lender thereby potentially
reducing your monthly mortgage payment.

Our Workout Plan: Loan Modification & Forbearance Agreement

A loan modification is an agreement that is negotiated with your current lender that changes the terms of your current loan. Lenders under certain circumstances are willing to negotiate when borrowers are facing financial difficulties and cannot obtain other financing alternatives. It must be shown to the lender why it would be in the lender's best interest to agree to a workout arrangement. If convinced, a lender may be willing to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms.

A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable the borrower to meet their monthly obligation.

Loan modifications are becoming increasingly more popular in light of the current economic climate. Such is evidenced whereupon we see on nightly television news that large financial institutions are giving loan modification greater credence and with defaults mounting, the lending institutions have incentive to get more aggressive about loan modifications.

Alternatively, a forbearance agreement is an agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.What this means for you is that if you are falling behind in your mortgage payments, feel as though you may not be able to make your mortgage payments, if you are in foreclosure, or about to go into foreclosure, you can take advantage of the banking institutions desire to work with you to help save your home and obtain a lower monthly mortgage payment.

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