No, and unfortunately many New Yorkers have been told by representatives from major lending institutions that in order to qualify for a loan modification, they should stop paying.
Not only is it not true, but once you’re in default, there’s a clock ticking on your pending foreclosure, fees are piling on, and the mortgage company is still under no obligation to help you with a modification, a short sale, or anything else.
If you’re struggling with mortgage payments and making a good faith effort to work with your lender, document when you call and who you speak to, as well as what they tell you to do.
And then call us, the foreclosure defense team at Zelenitz, Shapiro & D’Agostino.
When banks don’t operate in good faith, they hurt good people. We’ll fight back for you.
Call us at 718-599-1111.