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Top 8 Benefits of Having a NJ Mortgage Modification Lawyer

On Behalf of | Mar 23, 2022 | Loan Modifications, Why Hire an Attorney?

There are many benefits of hiring a NJ mortgage modification lawyer to help you with your home loan.

A mortgage modification can reduce your monthly payment to an affordable amount, which will let you stay in your home.

A lawyer can also help you lower your interest rate, fix an adjustable-rate mortgage, waive accrued interest, grant extensions on payments, re-amortize the loan so that past due payments are included in the new balance and eliminate late fees.

If you are struggling to afford your mortgage, a lawyer can help negotiate the terms of your loan modification.

For these reasons and more, it is important that you have a knowledgeable NJ attorney working on your behalf during this process.

Here are our top 8 reasons to hire a NJ mortgage modification lawyer.

1. Saving Your Home

Hiring a mortgage modification lawyer or loan modification attorney can help you save your home if you are behind on paying your mortgage and at risk of losing your home to a NJ foreclosure.

By negotiating the terms of a loan modification, you can reduce your monthly payment to something more affordable and manageable.

This will allow you to stay in your home, which is important for both emotional and financial reasons.

2. Lowering Your Monthly Mortgage Payments

When you hire a NJ mortgage modification lawyer, you are putting an experienced professional on your side to negotiate with the lender on your behalf. This gives you a much better chance of success than if you were to try and negotiate yourself.

Hiring a mortgage modification lawyer can help lower your monthly mortgage payments by:

  • Negotiating a lower interest rate
  • Renegotiating the terms of your loan, including the length of the mortgage and the amount you owe
  • Convincing the lender to extend the term of your mortgage so you don’t have to pay as much each month

3. Fixing an Adjustable-Rate Mortgage

Adjustable-rate mortgages adjust over time, which means your monthly payments will also increase.

A NJ mortgage modification attorney can negotiate with your lender to lower the interest rate and make the mortgage rate a fixed amount on an adjustable-rate mortgage, giving you stability in your home loan payment.

4. Reducing Loan Balance

Loan modification attorneys can help reduce your loan balance by negotiating with your lender to lower the interest rate or extend the term of your mortgage.

Re-amortizing a loan that begins as an adjustable-rate mortgage into one where payments are fixed for 30 years will reduce your monthly payment, making it affordable again.

5. Granting Payment Extensions

If you’re unable to make payments, a mortgage modification lawyer can help you get a payment extension.

This will help you to get caught up on your loan and retain the right to stay in your home.

Conversely, if you’re able to make payments but they are subject to change without notice (and therefore become unaffordable), a payment extension will give you some protection against rapidly increasing rates or other circumstances beyond your control that increase your monthly mortgage bill.

6. Waiving Accrued Interest

Accrued interest can be a real thorn in the side of homeowners who are attempting to get a mortgage modification.

This is interest that has built up on your loan since you first stopped making payments.

The good news is that, under certain circumstances, your mortgage modification lawyer can help you get this pesky interest waived.

This can go a long way towards making your payments affordable.

7. Re-amortizing Your Loan

Re-amortizing your loan is another way that your mortgage modification lawyer can help make your payments more affordable.

This process essentially takes all the past due payments you have made and spreads them out evenly over the life of your loan.

In some cases, this can even reduce your interest rate.

It’s important to keep in mind though that re-amortization will not always be an option, depending on your particular situation.

8. Eliminating Late Fees

Late fees can quickly add up, making it even harder to keep up with your monthly mortgage payments.

An attorney can help you negotiate a plan with your lender that will waive these penalties and get you back on track.

Take The Next Steps to Modify Your NJ Mortgage

If you are struggling to make your mortgage payments, it is important to seek the help of a qualified mortgage modification lawyer.

Not only can they work with your lender to get your payments lowered, but they may also be able to have accrued interest waived and get your

Hiring an experienced NJ mortgage modification lawyer at Levitt and Slafkes, will give you peace of mind.

Contact us today online or call us at 973-323-2953 to discuss your foreclosure defense options.

We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information in this blog is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.