When a homeowner decides to buy a home he or she must obtain the finances to pay for the home. The homeowner usually goes to a financial institution, submits an application and if they are approved they receive a loan. There are two (2) parts to the loan them receive. The first part is a note. The Note The note is a written agreement that the financial institution is lending a homeowner money and it contains the homeowner’s agreement to repay the money. The note includes the terms and conditions of the repayment: such as whether the note is to be repaid in 15 years or 30 years. It also include ..read more

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Obtaining a loan modification is one of the potential routes to save a home from the foreclosure process. There was a time in New York, and in the United States, when there were a variety of Federal and State programs which helped homeowners who had fallen behind in their mortgage due to unforeseen financial circumstances or other issues which caused them to fall behind on their mortgage payments. However, except for programs that help veterans, there are very few options today regarding mortgage modifications other than dealing with the financial institution which currently holds the mortgage ..read more

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The State of New York has a law which states in all foreclosure cases regarding residential homes that have less than 5 families in them and serves as the principal place of residence of the borrower a “settlement conference” is required to be held. At the settlement conference there will be court attorney referee or a judge which presides over the conference. The specific purpose of the conference is to determine whether the homeowner is qualified to obtain a modification of the mortgage, or is there another way the homeowners can save their home from being sold in a foreclosure sale. At the ..read more

Life is not static. A families financial situations can change related to loss of employment, downsizing employment, financial tragedies, health issues, marital problems and many other issues. When a family falls behind on their mortgage payments it is important they do not ignore the issue. Immediate action should be taken to deal with the potential of a foreclosure and the loss the family’s most valuable asset, their home. Lenders Action A financial institution can take legal action when a homeowner falls 2 or 3 months behind in making their mortgage payments. The homeowner will usually rece ..read more