New Jersey Mortgage Modification Lawyer

Facing foreclosure can be one of the most frightening and stressful situations that a homeowner can encounter. While bankruptcy may seem like the only option, in some cases it will not be sufficient to save your home. A skilled New Jersey mortgage modification lawyer understands that many lenders are willing to work with homeowners to find a solution that avoids the expensive and time-consuming foreclosure process.

If you have fallen behind on your mortgage payments and are facing foreclosure, seek the assistance of a New Jersey mortgage modification lawyer as soon as possible to potentially save your home without needing to file for bankruptcy.

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What is a Mortgage Modification?

A mortgage modification is, as the name suggests, a mechanism for modifying a homeowner’s mortgage so that it becomes more manageable and affordable. A New Jersey mortgage modification lawyer can negotiate with a mortgage company to accomplish all or some of the following:

  • Bringing the mortgage current – in the mortgage modification process, a lawyer can work with the mortgage company to convince them that it is beneficial to all parties to add the missed mortgage payments to the end of the loan, thereby bringing the mortgage current
  • Reducing interest rates – if the mortgage company is willing to agree to a reduced interest rate, the monthly payment will decrease so that it becomes more affordable over the long-term
  • Amortizing the missed payments – in some cases, the mortgage company will agree to bring the mortgage current by dividing the missed payments over the entire life of the mortgage, which can help to end the foreclosure process

While mortgage companies are not obligated to engage in negotiations over a potential mortgage loan modification, the foreclosure process can be lengthy, expensive, and frustrating to all parties involved. The mortgage company understands that it may result in a forced sale of the property for far less than it is worth. As a result, many mortgage companies are willing to negotiate, as it may be in their own financial interests to do so.

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Other Options in New Jersey

Depending on the specific circumstances involved, in some cases a Chapter 13 bankruptcy may provide the best option. Chapter 13 automatically freezes any foreclosure efforts, ending in a consolidated payment plan that will generally allow for partial repayment of a person’s unsecured debts over time.

Mortgage Payments

This can free up the resources necessary to make mortgage payments if the mortgage company is willing to bring the loan current but will not reduce the actual monthly payment going forward. A skilled New Jersey mortgage modification lawyer can help a person understand the consequences of this course of action and guide them through the process.

New Jersey Mortgage Modification Lawyer

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The New Jersey Mortgage Modification Attorney’s Role

Because the lender is under no obligation to modify your loan, they may resist the process. Once they do agree to negotiate, the mortgage company may require paperwork that establishes your income, assets, and reason for your financial difficulties. This documentation will serve to convince the lender that you will be able to make any future payments agreed to as a part of the process.

A practiced New Jersey mortgage modification attorney understands the process and the mortgage company’s mindset, and can advocate on your behalf to gain the best possible outcome for your home. Call today to find out how a lawyer can help.

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