New Jersey has consistently been ranked as one of the states with the highest rate of foreclosure in the nation. Many of the troubled mortgages relate back to the financial crisis of 2008. Homeowners were sold mortgages with adjustable interest rates, interest-only loans, or other types of mortgages with risky loan terms that put the borrowers at risk for defaulting on their payments and facing foreclosure.
Some New Jersey homeowners have recently found relief and saved their homes by modifying their mortgage loans. However, the process is reportedly not easy – especially without the assistance of an attorney. There are many stories of paperwork being lost or ignored, the homeowner being transferred from representative to representative, and general frustration throughout the entire process.
Our loan modification lawyers are aware of the difficulties involved in modifying mortgages and we are skilled in overcoming the obstacles. Below are three of the mortgage modification options that may be available to you:
1. Direct Application. With our assistance, a direct application for a loan modification can be to the lender or servicer of your mortgage. Even if you have previously attempted this approach on your own without success, we will review your situation and help determine if we can obtain a positive result for you.
2. New Jersey Foreclosure Mediation Program. The New Jersey courts offer a Foreclosure Mediation Program that allows homeowners to apply for a modification of their mortgage loan with the help of an appointed mediator. We have successfully obtained many modifications through the mediation program.
3. Chapter 13 Bankruptcy filing. Although a bankruptcy filing is not the type of loan modification you may have previously considered, but a Chapter 13 filing can provide numerous benefits to homeowners struggling to pay their mortgage loans. To learn more, please read our blog titled “Is Chapter 7 or Chapter 13 Better for Keeping My Home?” We have helped numerous New Jersey homeowners save their house from foreclosure by filing a Chapter 13 bankruptcy.
If you are struggling to pay your mortgage loan or you are facing a foreclosure action, let us help.
If you are interested in learning more about the timing of your divorce and bankruptcy filing, contact Levitt & Slafkes, P.C. We are experienced in handling a variety of bankruptcy issues. Our offices are conveniently located in Maplewood, New Jersey. Please call us at 973-323-2953 or online to schedule your free initial consultation today.