Obtaining a loan modification is one of the potential routes to save a home from the foreclosure process. There was a time in New York, and in the United States, when there were a variety of Federal and State programs which helped homeowners who had fallen behind in their mortgage due to unforeseen financial circumstances or other issues which caused them to fall behind on their mortgage payments. However, except for programs that help veterans, there are very few options today regarding mortgage modifications other than dealing with the financial institution which currently holds the mortgage on the homeowners’ homes.

Mortgage Modification Process Substitute

The application process for a mortgage modification can be cumbersome and it may be difficult to meet financial institutions requirements to obtain the modification. A mortgage modification application needs to be submitted with the necessary supporting paper work and documentation required. In many instances a hardship letter will also be necessary. A follow-up process needs to be undertaken to see to it that the financial institution actually gives the mortgage application the appropriate time and consideration necessary to end up with a positive response. During the past few years the criteria for a homeowners to obtain a mortgage modification has become more cumbersome and more difficult.

A law firm that represents homeowners in foreclosure cases can help the homeowner to successfully navigate through the modification process. Elliot S. Schlissel is the managing partner of Schlissel DeCorpo LLP a law firm that has been helping consumers with mortgage problems for decades.

The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at [email protected].