Loan Modification Lawyers

Talk to a New Jersey Loan Modification Lawyer about Your Options for Avoiding Foreclosure

If you are struggling to pay your mortgage and are afraid you may soon be facing foreclosure, there are options available to you. A mortgage loan modification may help you bring your mortgage up-to-date and avoid foreclosure. However, mortgage modification is a complicated process, which is why you need to speak to a qualified New Jersey loan modification lawyer before reaching out to your mortgage company. Individuals looking for a loan modification are confronted with many of the same issues as those who have contemplated bankruptcy. When there is a change in circumstances or a financial hardship, it may be difficult for an individual to foresee a time when they can make their mortgage payments again.

Our New Jersey loan modification attorneys will go through a detailed analysis with our clients in order to determine whether or not it will be possible to reduce the house payments to a level where the homeowner can make them regularly – typically, this means that the payment is about one-third of the income of the individual or household. Then, we will work with the homeowner and the lender to negotiate a reduction in payments through a decrease in interest rates, a longer loan term, and possibly a reduction in the principal balance. Lenders are aware that they frequently receive far less in a foreclosure than in a successful loan modification, so they are willing to negotiate.

Georgette Miller and Dilworth Paxson employ a full-service Loss Mitigation Department. The department includes a team of Loss Mitigation Specialists, Mortgage Professionals, Real Estate Brokers, appraisers and loan modification attorneys. Handling hundreds of Loan Modification and Foreclosure Prevention cases each month, the team will work with you to receive the results you want.

What is a Loan Modification?

Whenever you change the terms of a mortgage or other loan, it is considered a modification. After the recent mortgage crisis, the federal government established a program known as the Home Affordable Modification Program (HAMP).

The program was designed to lower monthly mortgage payments in order to make them more affordable. If you qualify, the modification may adjust your interest rate, extend the term of your loan and could reduce or delay principal payments. On average, a modification saves approximately $500 per month.

If you owe significantly more than your home is worth, you are automatically evaluated for principal reduction.

Do You Qualify for Mortgage Modification?

In order to qualify for a modification of your mortgage loan, you must meet the following criteria:

How a New Jersey Loan Modification Lawyer Can Help You

If you need relief from high mortgage payments, there are several ways a New Jersey loan modification lawyer can help you. For example, when you hire loan modification lawyer Georgette Miller to represent you, Ms. Miller will:

• Evaluate All of Your Options – Homeowners who are struggling to pay their mortgages have several potential options. This includes private options (i.e., negotiating with your mortgage lender) as well as taking advantage of government programs. New Jersey loan modification lawyer Georgette Miller will evaluate all of your options and help you choose the best one for you.
• Help You Avoid Loan Modification Scams – Unfortunately, scammers prey on homeowners who are at risk for foreclosure. If you receive any unsolicited offers for loan modification assistance, you should not respond. Ms. Miller can help you avoid loan modification scams, and she can handle the entire process on your behalf to ensure that you do not fall victim to someone who is trying to take advantage of you.
• Negotiate a Fair Agreement – Even when negotiating with distressed homeowners, mortgage lenders will still try to take as much as they possibly can. To make sure your loan modification provides the financial relief you need, New Jersey loan modification lawyer Georgette Miller will negotiate to secure a fair agreement that reflects your current financial circumstances.

Considerations in Modification of Mortgage

There are several factors considered when determining whether a mortgage modification will work for you. You need to consider what the value of your home is now and what it will be worth one year from now. Also remember that foreclosure can bring significant legal fees and, if you must relocate, there will be costs involved in a move, such as utilities and security deposits. You also need to consider what price the home will sell for in a foreclosure sale and whether you are actually at risk of defaulting on your mortgage loan.

Popular Loan Modification Topics

If you believe that you are facing foreclosure on your home, you need to speak to a qualified attorney who can advise you whether modifying your mortgage is the right option for you. Contact Georgette Miller and Dilworth Paxson today to learn what rights you may have and how they can help. You can arrange for an initial consultation by calling or visiting our website.