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.
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:
- You must be struggling to meet your mortgage payments due to financial problems
- You are in danger of being or already behind on your payments
- Your mortgage was obtained prior to January 1, 2009
- The property in question has not been condemned
- You owe up to $729,750 on your primary residence or between one and four rental properties
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.
Frequently Asked Questions (FAQs)
Can you negotiate a loan modification offer?
Yes, you can (and should) negotiate a loan modification offer. When a bank offers to modify your mortgage, it may be offering a concession, but it is still acting with its best interests in mind. In the vast majority of circumstances, there is room to negotiate, and negotiating your loan modification offer can result in substantial additional savings.
How do I appeal a loan modification denial?
If you have been denied a loan modification for your mortgage, you are not out of options. You can (and should) talk to a New Jersey loan modification lawyer about filing an appeal. Due to the complexity of the process, it is best to have a lawyer handle your appeal for you.
What percentage of loan modifications are successful?
According to the Urban Institute, streamlined loan modifications have a success rate of approximately 64 percent. For other modifications, the success rate is much lower. This means that more than one in three applicants have their requests for modification denied. Hiring an experienced New Jersey loan modification lawyer significantly improves your chances of success.
Is it hard to get approved for a loan modification?
It can be hard to get approved for a loan modification on your own. But, a New Jersey loan modification lawyer can help, and your bank will treat you differently if you have a lawyer on your side. If you are interested in a loan modification, we strongly encourage you to contact us for a free consultation.
Learn More about Loan Modifications in New Jersey
The following resources provide additional information about loan modifications in New Jersey:
Schedule a Free Consultation with New Jersey Loan Modification Lawyer Georgette Miller
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 866-340-2596 or contacting us online.