Buying a new home, whether it’s your first or your third time around, can be an exciting process for everyone involved. But problems pop up, and if you’re facing a mortgage foreclosure, you may feel hopeless. That’s where the attorneys at Penachio and Malara come in. With nearly 25 years of experience working with homeowners and banks, we can help you find a solution that won’t end in you losing your home.

Load Modifications & Sales

What is a Loan Modification?
According to the U.S. Department of Housing and Urban Development, a loan modification can be defined as, “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 actually afford.” Taking a loan modification can also make ensure you don’t default on your loan or declare bankruptcy.

How Does a Loan Modification Help?
The professionals at Penachio and Malara can help you with a loan modification that will reduce your mortgage debt by securing better 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 many other strategies that will help lower your monthly payments.

What is a Short Sale?
A short sale is an alternative to a loan modification, and can occur when the value of your home is less than the balance of what you owe.

How Does a Short Sale Help?
If loan modification doesn’t seem like a viable option for you, and selling your home is the best option, consulting a short sale attorney is another way to go. The attorneys at Penachio and Malara can work with your lender on getting the balance of your home loan to reflect the current market value, and when the home sells, the bank will get that money back. Most of the time, the lender will consider the mortgage paid in full. By pursuing a short sale, you can avoid the chance of foreclosure and all the negative credit ramifications.

Wading through the world of loan modifications and short sales can be confusing, but with the help of Penachio and Malara Attorneys, we can help you find the best option that fits your lifestyle and needs. Give us a call today at 914-946-2889 with any questions, or visit our website for more information.


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