Learn About New Implementations In Loan Modification And How Radow Law Can Help

• 22 Mar 2019
• Loan Modification

The following article should help you separate the many myths out there from the actual facts that you need to be aware of. So here is all you need to know before you embark on the world of loan modification.

What is the Definition of Loan Modification

One of the most frequently asked questions, it is a subject that many people have a hard time getting the answer to. A simple answer to this question is that it is an alteration to your current loan conditions. Anything that is done to the loan that leads to a change being made will count as a loan modification. Some people will confuse this with refinancing a loan. This is a mistake as these two are two different concepts. A refinance of a loan leads to there being a new mortgage being taken out as opposed to a loan just simply being modified.

Can Anyone Qualify for a Loan Modification

The truth is that not everyone is able to take advantage of the loan modification. There are two ways that a person will qualify for a loan modification with the help of a loan modification lawyer in Queens. One of the ways that these types of professionals can help through if a person is late on the paying back of the loan. The other situation will involve if a person is going to be late on the repayment of their loan. You may want to contact a loan modification attorney in Queens NY to help you to better understand the process of if you do or do not qualify for a loan modification.

What are the Different Types of Loan Modifications

There are several different types of programs that are out there that are designed to help a borrower. The federal government has a large number of programs that are in place that if a borrower falls into trouble then they can rely on one of these programs to get them through the tough times. A loan modification lawyer in Queens can help to explain these options to you and how they can help you when you need it the most. Things like the HARP or Home Affordable Refinance Program are in place to help a borrower and make sure that they do not fall behind too much on their loan.

How to Go About Getting a Loan Modification

Talking with a loan modification attorney Queens NY will help you discern important info that you might not otherwise know regarding this subject. This assistance from a lawyer is useful and crucial to have all the necessary information on this subject. Knowing the nitty-gritty of the loan modification process can allow you to act wisely and take a well-informed step towards securing your financial score.

It is important that you make sure that you contact the lender as soon as you can. This is due to the fact that you will want to talk to your lenders and see what options that the will be able to offer you for your loan have defaulted. Often times your lender will tell you about the options that are open to you and help you to have an understanding of the options that you can take full advantage of. All of this information regarding loan modification can actually help you to ensure that you are prepared should you need to modify your original loan.

For more on the loan modification process and how to apply for one, speak to us at Radow Law today. Contact us for a Free First Consultation at (516) 338-7800 or (212) 577-5000.