For Ryan Dugan and Clare Bryant, foreclosure has come to consume their life every day. More and more people in New York City are looking at alternative ways to deal with their impending foreclosure. For those whose homes are in foreclosure, there are several options, let’s look at one of them.

A loan modification will drop the homeowners monthly mortgage payment down to a very low figure. With this new savings, and as long as the homeowner is able to capitalize on the savings, he or she may be able to get back on their feet within several months. The loan modification is designed to significantly cut the monthly payment on a home.

It is estimated that close to 2 million Americans are in foreclosure by their lending institution. Unfortunately, it is easy to fall into foreclosure, and difficult to climb out. The mortgage crisis has held many homeowners hostage to their bank. This system has come under a lot of scrutiny by state governments since 2008.

States like Michigan and Florida have been plagued by failing real estate, and as a result, government pressure has forced lending institutions to offer loan modifications. The average New York home owner who has been in foreclosure since 2008 has a number of routes to take in order to avoid foreclosure. [Read more...]