Bankruptcy Attorney for New York City Homeowners
Though bankruptcy is an effective way for some people to resolve their mortgage problems, there are other alternatives. At Law Office of David I. Pankin, P.C., our legal team represents homeowners across the New York City area, including Long Island and Brooklyn. Contact our office by phone at 800-529-5910 to arrange your free initial consultation.
Serving the New York City Area, Including Long Island, and Brooklyn
When mortgage payments become unmanageable and foreclosure seems imminent, you need help finding a way out. Filing for either Chapter 7 bankruptcy or Chapter 13 bankruptcy is one of the most effective ways of stopping the foreclosure process. However, if you are looking to avoid bankruptcy altogether, mortgage modification may be a viable alternative.
Mortgage modification is an effective way to lower the interest rate on your home loan without refinancing. It is especially helpful for those who may not have significant equity or for those with low credit scores. Because mortgage modification is simply adjusting the interest and payment amounts on a current loan, applying for a new loan via refinancing is not necessary.
Mortgage modification may be possible for those filing for Chapter 7 bankruptcy, allowing the borrower and the lender to address the interest rate on the mortgage amount in arrears. It can also be part of a post-bankruptcy reaffirmation agreement.
Bankruptcy is Not the End, It Is a New Beginning
As more and more families have experienced financial hardship, debt consolidation agencies and non-licensed mortgage/loan modification offices have been appearing across New York City. As licensed legal professionals, we have seen unscrupulous agencies take advantage of good people with real financial woes. We offer a FREE initial consultation with a dedicated lawyer to discuss your options for negotiating your home loan. Contact our offices by phone at 800-529-5910.
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