Find yourself in a financial dilemma and can't afford your monthly mortgage payments? Have you received multiple dunning letters from your bank or loan servicing company?
Whether you reside in Northern, Central or Southern, New Jersey, our firm's statewide foreclosure modification lawyers are here to help. Our New Jersey attorneys will work closely with you and your lender to obtain a loan modification agreement to reduce your monthly mortgage payments.
In mortgage foreclosure actions homeowners can pursue a loan modification by engaging in the mediation process, but that mediation must be sought at the beginning of the case when the foreclosure papers are served. However, it is best to pursue a loan modification BEFORE the bank takes the drastic step of filing a foreclosure case.
Indeed, banks typically prefer not to foreclose on homes. In most instances lenders either lose money or wind up owning the property after the foreclosure process has been completed; and if the property doesn't sell quickly the lender then gets stuck advancing payments for quarterly real estate taxes. This is where a loan modification may help. Loan modifications can consist of an interest rate reduction, an extension of the loan maturity date or a reduction in the principal amount due in situations where the property is worth less than the mortgage loan amount. Our primary goal is to help you try and retain your family home.
If you have never been involved in a loan modification process, the prospect can be very intimidating and frustrating to say the least. Especially if you are dealing with a cookie-cutter loan servicing company responsible for managing substantial loan portfolios for various financial institutions. In fact, we have been brought into many cases where the loan servicing company initially claimed it had not received the client's financial documents necessary to consider a loan modification despite the client having sent the documents multiple times! The bank has someone representing them. Shouldn't you have someone advocating for your rights?
If your property is located in either Bergen County, Essex County Hudson County, Mercer County, Middlesex County, Monmouth County, Morris County, Ocean County, Passaic County, Union County, or in any of the adjoining counties and you are having mortgage problems, LoFaro & Reiser L.L.P. is here to help.
If the lender refuses to modify your loan there is no need for you to retain another law firm because our lawyers are also experienced in Chapter 13 bankruptcy reorganization. In Chapter 13 the owner can reinstate a defaulted mortgage and prevent the home from being lost in foreclosure.