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If you are denied for a modification you should not despair, since most homeowners who have obtained modifications have tried several times over a prolonged period of time. However, now that you have experienced the potential harshness of this program, you may decide to improve your chances to obtain a modification, by being represented by local attorneys, such as our office that concentrate in helping clients obtain modifications.
On the other hand, if you are accepted for a modification that you can sustain, congratulations! Consider yourself fortunate since many homeowners do not get accepted for a modification.If you have a second mortgage or home equity loan, now that you have modified your first mortgage, you will potentially qualify for a modification for such secondary mortgages or equity loans.  However, now you need to make every effort to stay current with the modification. If you have high credit card bills or car payments that may interfere with your ability to stay current on the modification, you should consider a Chapter 7 bankruptcy case to eliminate burdensome debt that may interfere with your staying current under the modification. Also, because lenders are strict with modification compliance and can easily cancel an agreement based on lateness or even based on their own mistake or confusion, it is important to have documentation for the modification, even if it is confirming emails and letters, so that if there is any potential dispute you have documentation for the modification and for the dates and amounts of your payments.

Please call us at (631) 271-3737, or e-mail us at weiss@ny-bankruptcy.com for a free consultation to further inquire about our representing you in negotiating for a loan modification.