A mortgage loan modification modifies the terms of an existing mortgage, but should not be confused with refinancing. Instead, a modification does just that… modifies your monthly mortgage payments to a rate you can reasonably afford as a means of debt relief. This process can be stressful, time consuming and daunting.  Experienced lawyers who handle these cases routinely know what to ask for and look for from your lender.

Our qualified mortgage modification expert will review your current circumstances such as home prices, the housing market, your income,  mortgage debt and your overall finances to make a researched case to present to the bank on your behalf… we do the negotiating for you. With our help, you will better understand your chances of modification and create a plan that will work for both you and your lender.

What qualifies you for a mortgage modification?

In order to be qualified you would be at least one regular mortgage payment behind or show that missing a payment is imminent. You would also have to provide evidence of significant financial hardships, s such as a long-term illness/disability.

Do you pay your mortgage during loan modification?

A loan modification is a changes the original terms of your mortgage loan. You would be paying a different agreed-upon amount.

Does a mortgage loan modification hurt your credit?

This can be a tricky one. It depends on how your lender reports it to the credit bureaus. It may result in a drop in your credit rating, but will have a far less negative impact than a foreclosure or habitual late payments. So in the long run it can actually help your rating.

If you need help with a New Jersey loan modification, contact us
at 732.302.9600 for a free consultation with our loan modification
expert. Or conveniently fill out our consultation online here.