Services

SYP Attorneys 
Specialize in Foreclosures & 
Bankruptcies
 

LOAN MODIFICATIONS
A loan modification is the process where the terms of your current mortgage are modified outside of the original terms. A modification may include adding the delinquent balance to your current balance, lowering your interest rate to as low as 2%, decreasing your monthly payment, and/or reducing your balan.
REPAYMENT PLANS
A repayment plan is an agreement to spread the past due amount over a specific period – usually 6 to 12 months.

FORBEARANCE PLANS
A forbearance plan is an agreement to reduce or suspend mortgage payments for a specified period, while suspending foreclosure procedures during the forbearance period. In exchange, the borrower must pay the full past-due payments at the end of the forbearance period. The past-due amounts include the additional payments to become current on missed payments, including principal, interest, taxes and insurance. (The specific terms of a forbearance agreement will vary from lender to lender.)

RESCINDING
Rescinding is a legal process whereby the lender may return the property after a wrongful foreclosure.

BANKRUPTCY
Chapter 13 bankruptcy is also called a "wage earner’s plan". It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
(www.uscourts.gov › Bankruptcy › Bankruptcy Basics).

RENT-TO-OWN
Rent-to-own, also known as a lease option, is a contract that allows renters to lease a property and, at the end of the lease (usually one to three years), have the option to purchase the home at a predetermined price.