Petroff Amshen LLP views a mortgage modification as more than a financial adjustment. It is a legal step, and the terms of a proposed modification deserve a careful, informed reading. The firm represents New York homeowners in mortgage matters and reviews modification terms with the homeowner’s interests in mind. It is a law firm, not a loan modification company, and it does not charge a fee to obtain a modification.
How Petroff Amshen Approaches Mortgage Modifications
The firm’s role is legal review and representation, not a promise of any particular result. A modification is offered by the loan servicer, and whether one is offered, and on what terms, is the servicer’s decision. What the firm does is read the terms closely, explain what they mean, and represent the homeowner in the process, including in the court-supervised settlement conference that New York holds in residential foreclosure cases.
What can a loan modification do?
A loan modification changes the terms of an existing loan, which can mean a different interest rate, a longer term, or a different principal or payment structure, with the aim of a more sustainable arrangement. For a homeowner working to keep a home, it is one option among several to consider. It is not the right answer in every situation, and it is not guaranteed to be offered.
Why should a modification offer be reviewed?
Modification offers vary, and the details matter. A trial period, a change in the loan’s length, capitalized arrears, or a balloon payment can each change what the arrangement really costs over time. Reading the terms before signing, and understanding how they fit with the rest of a homeowner’s situation, is the point of a legal review.
How does modification fit with the foreclosure process?
In New York, loss mitigation and modification often arise during a foreclosure. Residential foreclosure cases are directed to a court-supervised settlement conference under CPLR 3408, where modification and other resolutions are discussed and the parties are expected to negotiate in good faith. A modification and a foreclosure defense are not mutually exclusive; both can be examined at once.
What are the alternatives to a modification?
A modification is one option, not the only one. Depending on the situation, a homeowner may consider reinstatement, refinancing, a repayment plan, a short sale, or a foreclosure defense that challenges the case itself. Each carries different consequences, and a modification is not always the best fit. Understanding the alternatives is part of an informed decision.
Authoritative sources: CPLR 3408 (settlement conference) · Consumer Financial Protection Bureau
