It is an all too common scenario. A homeowner applies for a modification and receives the letter from the lender congratulating him or her and providing a trial period modification agreement. The agreement says that the homeowner must make three payments and then he...
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Loan Modifications
Student Loans – Lending Without Risk
Even though we keep hearing that our country is out of its financial crisis, many individuals are still drowning in debt. One of the largest debts facing Americans is student loan debt - estimated to now be more than $1 Trillion Dollars! So, how did we get in this...
Do You Really Need a Lawyer to Handle Your Loan Modification?
Some consumers believe they can handle their mortgage loan modification without the assistance of an attorney. While it is possible, it is extremely difficult. Dealing with mortgage-holders is not easy. Having a lawyer on your side can significantly increase your...
Bankruptcy versus Short Sales in New Jersey
If you are struggling to pay your mortgage and trying to avoid foreclosure, you are likely considering filing for bankruptcy or attempting a short sale. Many clients ask which option is better. The answer depends on your unique circumstances, but below are a few...
Will Student Loans in New Jersey Increase?
According to the American Federation of Teachers in New Jersey (AFTNJ) student loan rates for more than 7.4 million students with federal "Stafford loans" are scheduled to double July 1, 2013. If nothing is done, the current rate of 3.4% will increase to 6.8%. The...
Why Lenders Agree to Mortgage Modifications
Many clients don't understand why their lender would consider modifying their mortgage loan to more favorable terms to them. In short, when dealing with distressed homeowners, lenders essentially have the following choices:Loan modification. The lender and the...
Why Do a Loan Modification?
If you are struggling to pay your mortgage loan, a modification may be the answer to your troubles. A mortgage modification may lower your monthly payment to an amount you can afford, allowing you to stay in your home. Benefits of a loan modification may...