New Jersey Loan Modification Attorneys
Are you struggling to pay your mortgage each month or facing foreclosure? There are legal avenues that allow you to reduce your debts and save your home!
One way to prevent foreclosure is through loan modification. Banks and mortgage lenders don’t want to pursue foreclosure on your home. Working with lenders to modify your loan can be one of the fastest and least expensive ways to save your property, for both you and them. Foreclosing and reselling your property is a time-consuming process and expensive process for banks. It can result in large lender losses related to the foreclosure process itself, the time involved in the process, and the fact that foreclosure properties are often sold for less than market value, and sometimes less than the balance left on the initial mortgage.
This means that a mortgage lender is often willing to negotiate with you, rather than pursue the foreclosure process. An experienced New Jersey loan modification attorney works as a liaison between you and your bank to negotiate an agreement or adjustment in loan terms that allows you to maintain your residence while reducing your monthly payment to something you can afford. If you need help keeping your family in your home and managing your budget, the residential mortgage loan modification experts at New Jersey Real Estate Attorneys are here for you!
Call New Jersey Real Estate Attorneys today at (201) 354-6641 for a Free Consultation!
What is Mortgage Modification?
A mortgage loan modification modifies the terms of an existing mortgage. This is not the same as refinancing, which often includes new fees associated with a standard mortgage closing. Instead, we work with the lender to modify your monthly mortgage payments to a rate you can reasonably afford as a means of debt relief. If you can’t afford your mortgage payments, or have fallen behind, avoid foreclosure with the support of a New Jersey loan modification lawyer at New Jersey Real Estate Attorneys.
Our qualified mortgage modification experts will review current home prices, the housing market, your monthly income, debt-to-income ratio, tax returns, credit card debt, mortgage debt, student loans, and overall finances, to help you build a solid, well-researched case to present to the banks as part of your New Jersey foreclosure defense. We help you understand your chances of modification, and create a plan that will work for both you and your lender.
Loan Modification Options
There are many different tactics and methods our property lawyers can use to convince your mortgage lender to modify your mortgage. While debt forgiveness is rarely an option, there are other ways to reduce your payments either short or long-term and avoid foreclosure or personal bankruptcy.
A loan modification attorney will negotiate with your bank, mortgage companies, or loan providers to negotiate a reduced interest rate, extend the loan period, or possibly reduce the principal balance owed. Banks are mainly interested in loss mitigation, so if you can present a case that shows how this is a good option financially for both you and the bank, you can greatly increase your chances of obtaining loan modification.
If you are experiencing a short-term financial hardship, or have an overall good credit history, there are even more options available to you. Our experienced negotiators are driven to keeping you out of foreclosure and in your home. The New Jersey real estate attorneys at New Jersey Real Estate Attorneys are here for you!
What If I Am In Foreclosure, Or Have Been Denied Before?
Even if the foreclosure process is already underway, banks and mortgage servicing companies will still work with you to modify your loan.
An experienced loan modification law firm understands that time is of the essence. We know how to request time to properly build our case, and aren’t afraid to defend you during foreclosure litigation.
Banks and mortgage servicing companies are not faultless, and there is a high-rate of loan modification scammers out there. If you have previously been rejected for loan modification in New Jersey, we will review your case free of charge to see if a possible error or intentional defrauding could have taken place. We have a 75% recovery rate for funds that were spent on other failed loan modification attempts. We will help you get your money back, too.
The state of New Jersey offers a Foreclosure Prevention Program, and there is a federal Home Affordable Modification Program available through the US Treasury. We help you understand your potential eligibility and assist with completing the application for the foreclosure prevention or home affordable program. There are foreclosure and bankruptcy alternatives, so don’t let this defeat you. Our mortgage modification attorneys help make your home affordable!
Be Aware of NJ Loan Modification Scams
In order to be qualified to assist with New Jersey mortgage loan modification, an entity must be registered as a Debt Adjuster or as an exempt entity under the NJ Debt Adjuster Act. There are currently only 65 companies authorized and allowed to perform loan modification in New Jersey, so it is important that you do your due diligence when selecting a provider.
New Jersey Real Estate Attorneys meets these qualifications, however, there are many organizations that contact consumers through telemarketing, spam emails, and direct mail promising debt consolidation that are scams. Be wary of any attempt by a loan “expert” who is reaching out to you without you requesting their contact.
If you have been contacted by an individual or organization that wants to assist you with loan modification, or have had a failed modification previously, we will help you evaluate the opportunity free of charge.
Talk To An Expert
You need the right legal partner to protect your investment and keep your family in your home. Our Free, in-depth strategy sessions provide the perfect opportunity to get to know us, how we work, and what we will do to fight for you.
Don’t let the banks bully you. Our experienced New Jersey loan modification attorneys will aggressively fight to make your home payments affordable so you can avoid foreclosure and protect your home.
Call New Jersey Real Estate Attorneys at (201) 354-6641 for a FREE Consultation!