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Loan Modification Lawyers

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How A New Jersey Loan Modification Lawyer Can Help You

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, a mortgage modification is a complicated process which is why you need to speak to a qualified 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

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.