At the Law Firm of Ira J. Metrick, we offer aggressive loan modification representation. If you receive a foreclosure notice and want to keep your home but can’t catch up on payments, consider hiring an attorney experienced with foreclosure defense and loan modifications right away; they can pursue a loan modification with your lender, potentially stopping the foreclosure process.
Will a Loan Modification Stop Foreclosure in New Jersey?
Submitting a complete modification application can stop foreclosure. Once your lender confirms they have a complete application, they usually pause the foreclosure process to review it. If approved, the new terms replace your old mortgage terms, and foreclosure stops as long as you make the payments. If you get a temporary (trial) modification, keep making those payments until you get written instructions to stop.
Loan Modification Options
There are several types of loan modifications, including but not limited to:
- Principal Reduction Loan Modification – Forgives a portion of the principal loan amount. (These modifications have become very rare.)
- Principal Forbearance – Ignores a portion of the amount owed until the end of the loan term, or the sale of the property.
- Interest Rate Reduction Loan Modification – Reduces the loan interest rate.
- Loan Term Extension – Extends the life of the loan, reducing the monthly payments.
- Late Fee Forgiveness – Removes late fees accrued due to missed payments.
- Capitalization of Arrears – All missed payments and fees are added to the end of the loan. (This is the most common type of modification. However, in many instances, it will increase the monthly payment.)
If your loan modification request is denied, you have the right to appeal. The letter from your lender will tell you why you were turned down and how to proceed. A loan modification lawyer can greatly improve your chances of success during the appeal process, as they will be able to identify mistakes the lender made during the initial review of your information.
Should I Hire a Loan Modification / Foreclosure Defense Attorney?
A loan modification attorney can explain the process, handle the complexities, and protect you from potential scams. Their expertise can improve your chances of a favorable outcome.
Contact Ira J. Metrick for NJ Foreclosure and Loan Modification Help
If you are facing foreclosure, one of the best ways to fight back is by submitting a loan modification application with the help of a New Jersey Loan Modification Attorney. If you’ve received important foreclosure notices, are facing a sheriff sale, or need help with a loan modification to stop foreclosure, call our office today.
