Get the Most Out of Your Property
Effective Service and Mortgage Advice in New York City
In New York State, property owners who are paying off a mortgage can save themselves money through mortgage consolidations, extensions and modifications. Mortgage consolidations can be a worthwhile way to help save money on tax and mortgage payments, which may allow you to pay off other bills and personal or business loans.
At the law firm of Nathan Erlich, P.C., our extensive background in taxation, banking and finance allows us to advise our clients on their best options and help them through the process in an efficient and cost-effective manner. Our attorneys and staff can provide the experienced, personalized attention that your case needs to be successful.
Understanding Mortgage Consolidations, Extensions and Modifications
Sometimes, when a borrower refinances a loan and additional monies are taken out, the original loan is paid off and a new loan is taken out. Mortgage taxes are then paid on the entire new loan. To avoid mortgage tax on the entire loan, an assignment of the original loan can be made to the new lender. If there is an assignment of the original loan, the mortgage tax is only paid on any additional monies borrowed.
If your loan is assigned to a new lender, the new lender will often keep the original loan under the terms of the additional loan. Often extending and modifying the terms of the original loan to match those of the additional monies borrowed.
Due to the complexity of this subject, it is important that you hire an attorney who has a background in banking and taxes to guide you through the process. It is important that you rely on an attorney that understands the process and tax consequences, don't just rely on the bank.
At The Law Offices of Nathan Erlich, our lawyers have a deep understanding on how to structure these transactions. We will spend time discussing the issues with you and make sure the calculations are made correctly and that all paper work is correct. Nathan Erlich, P.C. wants you to save your money and to lower your costs.
The Law Offices of Nathan Erlich also applies the mortgage consolidation process to purchases or real estate, condominiums, homes and commercial buildings, and can sometimes save the purchaser a lot of mortgage taxes
Our firm can help you through the complicated process of mortgage consolidation, extension and modification. Since 1992, our firm has been helping clients in New York State and around the globe solve their real estate needs.
Contact us by clicking here or by calling The Law Offices of Nathan Erlich at (877) 518-7581 for our Forest Hills, Manhattan, Long Island, Flushing, Brooklyn and Ridgewood locations. We offer a free initial consultation.
