Loan Modifications & Short Sales

While a Chapter 13 bankruptcy action can help you avoid foreclosure while paying off debt, bankruptcy may not be the best solution for your financial situation. Fortunately, there are ways to keep your home without filing for bankruptcy.

If you are facing a mortgage foreclosure but have been unable to obtain mortgage loan revisions that would allow you to keep your home, a loan modification lawyer at Penachio Malara, LLP can help. We have nearly 25 years of experience working with homeowners in Westchester, Putnam, Rockland and Dutchess Counties.

What Is Loan Modification?

According to the U.S. Department of Housing and Urban Development (HUD), loan modification is “a permanent change in one or more of the terms of a Borrower’s loan, allows the loan to be reinstated, and results in a payment the Borrower can afford.”

The loan modification lawyers at Penachio Malara, LLP, enjoy a long working relationship with many banks throughout New York State. We have the expertise to negotiate loan modification agreements that can avoid foreclosure, preserve equity, and keep you in your home.

We can reduce your mortgage debt by securing more favorable interest rates, negotiating payment extensions, working out balance reductions, getting the term of your mortgage extended, substituting fixed interest rates for adjustable rates, getting accrued interest waived, and using other strategies to lower your monthly payments.

What Are Short Sales?

A short sale is an alternative to loan modification that can occur when the value of your home is worth less than what you owe. If you decide to get out from under, a short sales attorney can work with your lender to discount the balance of your home loan to reflect market value. Then the home can be sold, the proceeds paid to the lender, and the debt balance written off.

What’s The Best Option For Me?

Contact an experienced loan modification or short sales attorney at Penachio Malara, LLP for a free consultation. Our knowledgeable legal experts can provide reliable counsel about whether a loan modification can help you keep your home, or if a short sale might better serve your needs.

Local Areas We Serve

White Plains, Yonkers, Bronx, Scarsdale, Rye, Mamaroneck, New Rochelle, Mt Vernon, Bronxville, Hartsdale, Dobbs Ferry, Irvington, Elmsford, Tarrytown, Hawthorne, Mt Kisco, Bedford, Pound Ridge, New York