Everything You Need to Know About Loan Modification and Foreclosure
George Russo Esq. describes the loan modification process and the steps you will take when facing foreclosure. Don’t take matters into your own hands. George Russo and Associates can guide you through the foreclosure and loan modification process.
“What we’re experiencing today is the effect of a lot of those sub-prime mortgages that my clients and those in the community had undertaken over the last 3 or 4 years, where the interest rates in some cases were very high or they were adjustable rate interest rates and which have since been adjusted upwards, and the home owner is having difficulty paying their mortgage. They typically come in either current on their mortgage but having difficulty paying, but often it’s when they can no longer pay their mortgage.
The government has instituted an initiative to help home owners get together with their lenders in an attempt to modify or adjust downwards their payments on a monthly basis. That’s easier said that done. Oftentimes the banks are reluctant to do so for a variety of reasons, so it entails a strategy where I will couple up with the home owner in an attempt to negotiate with their lender a mortgage that they can afford.”