Mortgage Modification Attorney Serving Riverhead, New York

William Grausso has handled more than 2,000 loan modifications in Brookhaven, New York, with a 90% success rate, and 80% of our modifications are achieved within six months with an average approval taking approximately three to four months. Whether your home is in foreclosure and you want to keep it or you simply want a better monthly mortgage payment, our law firm is the right choice for your household. If you’re curious about what exactly a loan modification entails, then we’ll be glad to explain. A loan modification is a permanent change to one or more of the terms of your loan. Loan modifications may include a change in the interest rate, extension of the mortgage term, and/or re-amortization of the balance due, as well as a principal reduction. 

Applying for a loan modification simply requires you to ask your lender to simply change the terms of your mortgage (i.e. change the interest rate, the number of years that payments must be made, and even the actual amount that is owed to the bank a.k.a. principle reduction). Each lender is different and accordingly has a different set of underwriting policies for approving loan modifications. These policies tend to change from time to time, so be sure to request a free consultation from us at your earliest convenience to see if your household qualifies for a modification with your lender. 

HAMP & Other Government Loan Modification Programs 

HAMP, also known as the Home Affordable Modification Program, is a government program that provides incentives to banks to modify the mortgages of homeowners. All banks that received bailout money from the government must participate in HAMP programs. By providing incentives to banks and mandating participation, HAMP modifications can bring your interest rate down to as low as 2%. They may also reduce your mortgage debt to match your home's current market value. 

Loan Modification Service Options 

When you’re curious about the loan modification service options available to you, we’ll be glad to help. Contact us today to speak with a licensed attorney and a trained veteran underwriter who has more than 20 years of experience in the mortgage underwriting industry. We will review your unique circumstances to determine if you in fact qualify for a loan modification. Homeowners who may be eligible for the Home Affordable Modification Program include, but are not limited to: 

• Homeowners Applying for a Modification on a Home That is Not Their Primary Residence, but the Property is Currently Rented or the Homeowner Intends to Rent It 

• Homeowners Who Previously Did Not Qualify for HAMP Because Their Debt-to-Income Ratio was Either Too Low or Too High. 

• Homeowners Who Previously Received a HAMP Trial Period Plan, but Defaulted in Their Trial Payments 

Is Your Bank Dragging Behind with Your Loan Modification? 

Many homeowners just like yourself have attempted to apply for a loan modification from their bank but with no success. Sometimes it’s simply a matter of organization and persistence, while other times it’s because the bank is deliberately acting in bad faith. In prior lawsuits throughout the country, bank employees have been placed on the stand and have admitted on the record that they were paid by the bank to lie about losing loan modification documents and for denying qualifying loan modification applicants. 

When you retain representation from our law firm, we are prepared for these types of cases. If we believe that your bank is acting in bad faith, then we will file complaints with numerous bank regulators, such as the OCC (Office of the Comptroller of the Currency), the CFPB (Consumer Financial Protection Bureau), NYS Banking Department, State Attorney General, Better Business Bureau) free of charge. Through these complaints, we apply enough pressure on your bank to force them to be accountable. If your case is either approaching or is currently in foreclosure, we can haul the bank into the State Supreme Court and make them answer for their actions there. 

Contact our staff to learn more about our loan modifications. We represent clients in Long Island, Brookhaven, Mastic, Shirley, Brentwood, Riverhead, and Bohemia, New York.