Mortgage Modifications in Connecticut
While the administration is working with Congress to encourage banks to work to protect homeowners from foreclosure, this process has been widely reported as unsuccessful. Any mortgage solution requires continual persistence and advocacy. Nonetheless, at The Law Offices of Neil Crane, LLC, we keep current on the most recent changes to laws and policies, as well as government programs. We stay aware of all current trends in Congress and in legal systems throughout Connecticut and the country, in order to enhance the likelihood of success for our clients.
This approach allows us to provide our clients with valuable information related to a broad range of questions and concerns:
- What is mortgage hardship?
- What is mortgage modification?
- How to win at mortgage modification
- Do you qualify for a mortgage modification?
- What happens if...?
- Missed mortgage payments
- Change your interest rate
- Principal reduction
When Hardship Leads to Mortgage Problems
People often face foreclosure for many reasons beyond their immediate control. The most common causes of mortgage default are family illness, underemployment, job loss, other overwhelming bills, surprise expenses or temporary hardships. We can guide you through mortgage modification, regardless of the challenges you have faced.
Speak with a professional at The Law Offices of Neil Crane, LLC, by calling 888-249-3027 or contact us online for foreclosure help.
Find Success in Negotiating a Mortgage Loan Modification
When you are having a difficult time making mortgage payments and are worried about losing your house to foreclosure, winning at the mortgage modification process can seem like an uphill battle. Most lenders don't dedicate the time or effort necessary to assure success. The keys to your success are preparation, experience, assistance and a strong advocate on your behalf.
Your First Chance to Secure a Modification May Be Your Only Chance
Banks rarely consider a poorly presented application for loan modification and almost never reconsider a denied application. Most banks are swamped with loan applications. We distinguish your application from other homeowner submissions.
The key to obtaining approval is to obtain the bank's attention through the merit and thoroughness of your application.
It is critical to put together a complete and accurate application because you often get only one opportunity to protect your home and your family from foreclosure. At The Law Offices of Neil Crane, LLC, we are committed to collecting a comprehensive amount of accurate financial information. We shape this information into convincing arguments that are easy for banks to process and understand. The result is that we have helped Connecticut residents save their homes since 1983.
Be prepared. All modifications require a solid, well-founded plan for success in advance. Don't expect your bank to come up with a solution for you. Modifications are granted to families with solid proposals and good financial documentation. We know what the banks want to see and how to present it.
Formulate a solution before you contact your lender. Many people are overwhelmed by their finances, especially when they are unable to pay all of their bills and have trouble getting assistance from their lender. That's why the help of an experienced professional is the most important step to success.
The Law Offices of Neil Crane, LLC, can help. When we handle a financial matter on your behalf, our attorneys take the time to carefully assemble all financial information. We are exceptionally knowledgeable, thorough and experienced, so nothing is overlooked.
Act sooner rather than later. If you find yourself falling behind on mortgage payments, it is better to act sooner rather than later to stop foreclosure. You may have more options available to you when you are still making timely payments. Further, acting quickly gives an experienced advocate time to evaluate your circumstances and formulate a plan that fits your family budget.
Save your payments. It is essential that you don't spend payments not accepted by your bank. Although much has been written about so-called "strategic default," saving at least some of the money not sent to the bank is critical to success. Most people who stop paying their mortgage don't save money that can be the key to a successful modification.
Don't give up your cash. Never make any deal or plan with a bank that involves all your savings as an upfront payment. Homeowners always need a "cash cushion" and any arrangement that doesn't leave a family with some savings is highly likely to "break" or go into default in the near future.
Second Mortgages. Many people have second mortgages or so-called "equity lines" on their homes. These loans are secondary and less important than your first mortgage. Paying a second mortgage while not paying a first mortgage is a poor choice, even if it's the same bank or servicer. While second mortgages need your attention, they are far more negotiable and should never stand in the way of a solid first mortgage modification. With our knowledge and experience, we can work to reduce, restructure or eliminate second mortgages.
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