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Mortgage Loan Modifications

Attorney for New Jersey Mortgage Loan Modifications

One of the major issues that comes with unmanageable debt is falling behind on mortgage payments. This can be compounded if your home’s value has depreciated. It is important to realize that there are many ways out.

In certain cases, it may be viable to get a mortgage modification with a reduced interest rate, a lower outstanding mortgage or both. That said, the process can be complex, lengthy, difficult and challenging and the outcome is uncertain. Many of our clients have also received “principal reductions,” as well as “interest reductions.”

As such, partnering with an experienced lawyer can help you understand your situation and the options that are best suited to your unique circumstances.

Many individuals and families in New Jersey are looking for ways through which they can regain control of their finances. At the offices of Oliver & Legg in Toms River and Neptune City, our firm provides comprehensive advice and guidance to people who have questions or concerns about loan modification as a way to get a handle on their mortgage payments.

You can save your home. Call 732-988-1500 for a free consultation about mortgage modification in New Jersey.

Helping You Regain Control of Mortgage Debt

Many individuals and families now find themselves facing a mortgage that they cannot afford. This can be due to a range of factors, including an adjustable-rate mortgage (ARM) with skyrocketing interest rates or being downsized/laid off from their jobs. At the time, these types of mortgages seemed like the best fit for the situation. However, over time, the interest rates have gone up, leaving the borrower with more debt than they anticipated and a much higher payment than they can currently handle.

In these cases, our clients may wish to seek counsel from our firm and attorney Oliver. We have experience handling loan modification cases and can explain the process, from filing paperwork to negotiating with the lender. Our firm has over 35 years of legal experience to draw upon.

Under new changes that have been proposed to state and federal debt relief laws, a loan modification could be completed with the following benefits:

  • The principal amount of a loan would be adjusted down to the fair market value of the home
  • The interest rate of the loan would be modified in order to be in line with the established or average rate at that point in time (plus a court set premium fee for the risk taken on by the lender)
  • The remaining term of the mortgage may be extended by 10 years

Depending on circumstances, it may be possible to reach out to a lender and work on an amendment to the existing terms of the agreement. Arriving at favorable conditions for a modification requires comprehensive knowledge and patience, however. These are skills that an experienced lawyer can bring to the table in pursuit of your well-being.

We are prepared to put 35 years of legal experience to work for you if you seek to negotiate a mortgage modification. It is important to realize the process can be frustrating and those who are ill-informed can be taken advantage of by various mortgage modification scams. Depending on your circumstances, we are ready to reach out to lenders and pursue the course of action that is best for you.

Loan Modification and Bankruptcy

In addition to assisting with loan modifications, we can provide clients with bankruptcy representation in the event that loan modification is not successful; bankruptcy is a potential option for dealing with your financial difficulties. Some cases may even warrant seeking a loan modification in conjunction with a bankruptcy filing.

In some cases, a Chapter 13 bankruptcy may be better for your long-term financial well-being. By working directly with you, we will take the time to understand your goals and put our expertise to work.

For More Information About Mortgage Modification

From our two offices in New Jersey, we are able to offer clients prompt appointments and guidance through the process of seeking a loan modification or facing foreclosure. With offices in Toms River and Neptune City, New Jersey, our lawyers are ready to answer your questions and help you find solutions. Evening and Saturday appointments are available. Call 732-988-1500 or fill out our contact form.