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How Sickness Can Influence Your Mortgage Payments When you purchase a new home, it can feel like your dreams are finally coming true. One may never anticipate that certain life situations can prevent one from making mortgage payments. The reality is that life changing illness or injuries do happen to people all too often, whether it is when a person develops a serious illness like cancer or becomes physically disabled. These types of instances can prevent a person from working and being able to make payments on a home. Even if one feels incredibly stressed out with his or her financial circumstances, there are still ways in which one may move forward and avoid foreclosure. Try Mortgage Modification As An Option Mortgage modification may be an option for people who wish to reduce their monthly payments. Under the Making Homes Affordable Program, people are able to apply for a loan modification from the government. This is an option that is available for people who have lost their job due to the economy or who have suffered illness. The program provides some much-needed financial relief to those who are currently under a lot of stress in making their loan payments. The Obama Administration has expanded this program to include certain individuals who may have once been disqualified from participating in the program. Even if your debt-income ratio is lower than 31 percent or you defaulted on previous payments under the program, you still may be eligible to receive a loan modification under the program. Asserting Errors in the Paperwork In addition, some individuals have been successful in delaying the foreclosure of their homes by asserting that there are errors in the legal documents surrounding a foreclosure action. These individuals may show that the bank has not calculated one's debt properly or that they have not properly defaulted and accelerated the amount due on the mortgage note. There are many ways to proceed in asserting that documents contain errors, and this can cause the court to delay the foreclosure of one's home. Finding the True Owner of the Mortgage Note Another way in which one may be successful in delaying the foreclosure of a home is to assert that a bank is not the true owner of the mortgage note. A bank must be the actual owner of the mortgage note in order to assert that it has a claim over a home. The problem is that a majority of banks have no paperwork to actually show that they are the true owners of a mortgage note. Get Help from the Litvin Law Firm The Litvin Law Firm is available to help people avoid foreclosure of their homes. If you want to get foreclosure help in New York, then get in touch with our lawyers. If you are interested in more information on avoiding foreclosure, then you can call Litvin Law Firm for assistance at 888-964-3367. We are available to provide foreclosure help in New York at any time to help you stay in your home.
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