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CAN A LENDER FORECLOSE WHILE A LOAN MODIFICATION APPLICATION IS PENDING?

  can a lender foreclose-thumb-300x200-87706.jpgThe home is where the heart is, often filled with many of our life's memories as well as offering a treasured place of comfort and security. When that becomes threatened, you may find yourself exploring and exhausting every option before giving in to foreclosure.

Seeking a loan modification is a common route for many homeowners in New Jersey who are attempting to stop foreclosure and keep their homes. If you are interested in this option, consult with an experienced loan modification firm like Levitt & Slafkes, PC. We can review your case, answer your questions, and discuss all your options.

A Loan Modification Can Help You Save Your Home

A loan modification allows eligible homeowners who have been experiencing hardship to re-configure their interest rates and payments. Most banks do have loan modification programs. Qualifying for the programs is often a very difficult task though.

The Consumer Financial Protection Bureau has tightened the rules to make the practice of dual tracking harder, requiring banks to wait 120 days before beginning foreclosure proceedings, as well as waiting if a homeowner has a loss mitigation application already in process at that time. Dual tracking is, however, still legal in many states-including New Jersey-and despite the rules put in place by the CFPB, you may still find yourself in a complicated situation.

Dual Tracking: The Lender May Be Working with You AND Against You!

It is still entirely possible for a foreclosure suit from the lender to be moving forward on a parallel track with your loan modification. One department for the lender may be trying to negotiate better terms with you while another is aggressively working to take your home. This is not just confusing, but also extremely stressful for the homeowner.

An Experienced Attorney Will Fight for Your Rights

Because of such complexities, you need the help of an experienced loan modification and foreclosure defense attorney who will work in your best interest, fighting for your rights to see that the foreclosure process is slowed so you have time to follow through in modifying the loan. If you receive a loan modification you may be able to look forward to:

  • Paying better interest rates
  • Extending the loan and lowering payments
  • Eliminating some arrears in terms of interest and principal
  • Rolling past due amounts back into a modified mortgage

Contact Us for Help Now!

If you want to keep your home, it's imperative that you have someone working for you. An experienced loan modification and foreclosure defense attorney will understand the complexity of the law and protect you-as well as fighting your lender in court to save your home. Contact Levitt & Slafkes, PC now so we can review your case and help you move forward in a way that suits your needs best. We are here to help!

Call us at 973-323-2953, or contact us online to schedule a free consultation.

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515 Valley Street
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Maplewood, NJ 07040

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