Loan Modifications / Can I Save My House?

Avoiding Foreclosure Through Loan Modification

Homeowners who don't want to file for Chapter 13 bankruptcy in order to avoid foreclosure can ask their bank to modify their mortgage. In general, if you have a steady income, a variable rate or interest-only rate mortgage, and are behind on your mortgage payments, your bank may be willing to modify your loan. If your bank does agree to modify the terms of your loan, you could be offered a 30 or even 40 year term and a fixed rate. This often may reduce the amount of your monthly payments. 

If you're finding it increasingly difficult to pay your monthly mortgage, we can review your financial situation and assist you in applying for a loan modification. At Ambrogio, Pletter & Associates, LLC, we have assisted many clients in obtaining loan modifications. To find out more, contact our Stratford or East Haven law offices by calling 203-502-7436. We offer a free consultation.

What a Loan Modification Can Do

Simply put, a loan modification can help homeowners avoid foreclosure by changing the financial terms of your current mortgage. A loan modification may offer homeowners some or all of the following:

• Reduce interest rates
• The ability to roll past due amounts into the principle
• A reduced principle

If you are finding it increasingly difficult to pay your mortgage, or are behind on your mortgage payments, contact a dedicated attorney and find out how we can help you.

The Mediation Option in Connecticut

Before a bank can foreclose on a home in Connecticut, the homeowner must first be given the opportunity to mediate with the mortgage company in an attempt to modify their loan. This is done through the foreclosure court, where an attorney from the mortgage company, the homeowner and their attorney meet with a court-appointed mediator. The mediator's job is to direct and guide discussion between the homeowner and the mortgage company in the hopes of reaching an agreement for a loan modification.

Some of the benefits of foreclosure modification include:

• The application will be given a higher priority by the mortgage company 
• By requesting mediation, the foreclosure judgment is delayed for 60 to 90 days. This provides homeowners with an additional amount of time to not only remain in their homes but to reorganize their finances 

At Ambrogio, Pletter & Associates, LLC, our attorneys have counseled numerous clients involved in mediation. If you are interested in modifying your home loan, we will review your financial situation, prepare and complete all required paperwork, and counsel you throughout the entire mediation process.

Contact Us

To learn more about loan modifications or bankruptcy law, contact a lawyer online or call 203-502-7436. We offer a free consultation.