How much Should I Pay for Mortgage Modification in New York City?
There are a lot of companies in New York City promising mortgage modifications and boasting of success rates of 99% and higher. Despite the claims many of these programs are simply bogus, and anyone looking into modifying a mortgage in New York City really needs to do their research. Mortgage modification is risky business, and most of these companies will take your money and leave you hanging as your home gets foreclosed on.
At the very least, look into a company’s BBB rating in New York City, and go to www.ecourts.com to see how many times they have been sued by the Secretary of State and Attorney General before starting any program. Most have fancy sounding names to make you think they are a real financial institution. Their websites are filled with so many testimonials and empty promises that it can be almost impossible to find one that will even make a legitimate effort to modify your mortgage. These companies pop up like hot dog stands in New York and then disappear even quicker. If you can find one that has been open for even five years that doesn’t have an army of angry people after them then consider yourself extremely lucky, because we haven’t found one yet.
Most consumers will find these mortgage modification programs to be worthless, but modifying a mortgage through your bank is no easy proposition either. Banks often play dirty tricks with mortgage modifications which makes success very difficult even for those who easily qualify for the programs. If you are currently trying to modify a mortgage with your bank you know what we mean. They send contradictory and confusing letters, can be generally unresponsive, and can even go so far as to say they never received your paperwork or worse. Banks have been known to use every dirty trick in the book to avoid a mortgage modification.
The good news is that if the banks want to play hardball on a mortgage modification in New York City then you can too. Consumers in New York City are fortunate to be among only a handful of districts in the entire country that have court monitored loss mitigation programs. If you work with the courts a judge will supervise the process and will force the banks to be honest, forthcoming and timely. The bank is not forced to give you a modification, but they are forced to tell us if you have been approved or not and why. They can’t hide and the process usually works for qualified people.
You could pay a fly-by-night company thousands of dollars only to see them take your money and run or you could deal with a nasty bank in the hopes you can get them to play ball. Either way you will probably end up losing your home. If you want results then speak to an attorney. Taking your bank to court to force the modification process straight away will usually speed things up and give you a better result. If you have questions about modifying a mortgage in New York City or have been struggling to get the answers you need from the bank contact us to arrange a free consultation. The Law Offices of William Waldner is available online or at 212.244.2882. We only practice consumer law in NY.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients.