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You have Questions - We have Answers.

What is a loan modification and how can it help you?

Through the efforts of the US government to ensure that American families can retain their homes with affordable mortgage loan payments, the current loan modification programs were developed.

The purpose of a loan modification filing is to determine if your loan can be altered to create a payment which will satisfy your mortgage obligation and get you out of default. The goal of the loan modification program is to:

1. Lower your existing mortgage interest rate to a fixed rate for a certain term of years which would make the mortgage payments affordable.

2. Capitalization of the loan payment arrears and associated fees so that your missed payments are added to the back end of your loan. While this does increase the principal balance of your loan, with an extension of the loan term, the current mortgage payment obligations become affordable for most homeowners.

3. Upon approval of the loan modification, you are deemed current with your mortgage obligations and the lender stops seeking foreclosure proceedings against you.

While many homeowners try to modify their mortgage loans themselves, it is important to note that the loan modification process is time consuming, the paper work is quite lengthy, and timely follow up of the pending applications with the correct lender representatives is imperative. The loan modification process also requires extensive negotiations with the lender on your behalf, something that most homeowners are too tired or aggravated to handle on their own. Bijal Jani, PC offers clients full service assistance for loan modifications at low cost flat fees for the entire process.


Bijal Jani, PC offers loan modification services to its clients in Rockland, Orange, Westchester, Bronx, and Queens counties.  

Mortgage Defaults / Modifications - FAQS