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Mortgage Loan Modifications

Many home owners lost their jobs or had their incomes severely reduced during the COVID epidemic. As a result, thousands of New York homeowners have fallen further and further behind in their monthly mortgage payments. s.


If you have filed a bankruptcy petition with me, we can apply for a mortgage loan modification through the bankruptcy court’s loss mitigation program. 

As you can see from the statistics cited on my home page, I have had considerable success with loan modifications. No one can promise that you will get a loan modification, but I can tell you that my success rate has a lot to do with being very familiar with the bankruptcy court's judges and trustees as well as Regulation X’s Qualified Written Request / Notice of Error procedures that were very helpful to homeowners during the pandemic. 


When I work on loan modifications for my clients, I insist on two things: First, that we are very thorough and exact in your initial loan modification application, and second, that we are very, very quick in providing the bank with any follow-up documents they might ask for. When the bank asks for something, my policy is to get them what they want within 24 hours of receiving their request, no matter how many requests they make. 


That’s not as easy as it sounds. For example, at the start of the loan modification process, the bank will ask you for financial documents such as paystubs and bank statements. Then a month or two later they will ask for updated paystubs and updated bank statements. Then a few months later they will ask again. And maybe still again. It happens all the time. Why? In my opinion, it’s because they are trying to discourage and frustrate you and they are trying to make you go away. We have to show them that we are serious and we won’t be discouraged and we won’t give up. 


My fee for loan modification application made through the bankruptcy court’s loss mitigation program by my bankruptcy clients is $2,000. for the first three months of the process and then $500 for every month after that, up and including the sixth month. 


The fee described above cover the application process up until (i) you receive an offer of a loan modification, whether you accept it or not, or (ii) you receive a denial of your loan modification application, in which case the fee will include one appeal of the denial.

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