Legal Question in Real Estate Law in New York

Mortgage/Loan Modification help to avoid foreclosure
I am desperate for help with my mortgage. I have reached out to several of my state representatives and have gotten no response. I have not been able to refinance my home conventionally because it will not appraise high enough. My interest rate is extremely high. I was laid off from my job and have not been able to find full time work. I have never missed a mortgage payment, but it is getting to the point where I won't have a choice within the next two months.
I have had to rely on credit cards for every day expenses like food and gas in order to pay my regular bills like mortgage, electric, and car insurance. What programs are out there for me? I didn't buy a home that was too expensive, and I never expected to lose my job. I don't like some crazy, lavish lifestyle or beyond my means (at least I didn't before I lost my job)
I would be interested in a loan modification, but I don't know if using a servicing group like Lend A Helping Hand Home Group or FedMod is a good idea or not. Are there lawyers who specifically do this work, and what is the cost to me? Can anyone help me with this??? My home has consistently appraised $17 to 25k less than I currently owe on it.

Asked on 2/26/09, 11:43 pm

Bari Schulman Bari J. Schulman

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Re: Mortgage/Loan Modification help to avoid foreclosure

President Obama made an announcement about an initiative for which you may be eligible.

http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/ExecutiveSummary.pdf

It is for people who were responsible in purchasing, and who are still current on their payments.

Answered on 2/27/09, 9:54 am

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