Whether you have found yourself in default, foreclosure, or simply anticipate a future inability to make your monthly mortgage payments, seeking an in-house loan modification may be your last resort. Those who have found themselves in the throes of this difficult and often merciless process may be surprised that some lenders and loan servicers will not even take the time to consider your request. With what reasons may a lender forgo reviewing a loan modification request on the merits, and how can a New York foreclosure and loan modification attorney assist you in overcoming such a denial?
Insured v. Conventional Loans
If you have faced the denial or rejection of a loan modification request, before considering a short sale or exploring your legal options, you should inquire as to whether your mortgage is insured. Generally, when discussing loan modification denials, there are three types of mortgages1 :
- A FHA-insured loan;
- A VA-insured loan; and
- Conventional loans.
A loan insured by the
