If you are struggling to pay your mortgage, it is time to consider your debt relief options. With proper planning and legal counsel, you can take action to help avoid foreclosure. Options to consider are:
- Loan Modification. If you are struggling to pay your mortgage, a skilled lawyer can negotiate on your behalf with your lender to modify the terms of your loan. Terms that we commonly seek to alter for your benefit include lowering your interest rate, re-amortizing the loan to include past due payments, waiving interest and fees, fixing adjustable interest rates and lowering your total payment.
- Short sale. If your mortgage is the primary cause of your financial struggles, a short sale may be the answer. We can help you negotiate with your lender to allow you to sell your home for less than what you owe on it.
- Debt consolidation. The debt consolidation process involves negotiating with your various creditors to pay off their loan by obtaining a larger, single loan. Many times we can negotiate a reduced payoff amount for you. By obtaining a single loan, you can pay off your total debt at a more manageable pace.
- Debt settlement. The goal of debt settlement is to convince your creditors that if they want to receive any money from you, they must negotiate with you and agree to lower the amount you owe. Because we are bankruptcy attorneys, many creditors understand that they may end up not getting paid if you file bankruptcy, so they are more willing to negotiate with us.
- Bankruptcy. The most comprehensive way to deal with overwhelming debt is to file a Chapter 7 or Chapter 13 bankruptcy. Being able to discharge or eliminate the majority of your debt provides a fresh financial start.
If you are facing financial troubles, let the attorneys at Levitt & Slafkes review your individual circumstances and help create the best strategy for obtaining the debt relief you need. If you would like to make your home more affordable, now is the time to schedule a free initial consultation with a New Jersey loan modification and debt relief lawyer at Levitt & Slafkes, P.C. Contact our attorneys online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.