How to Get a Mortgage Modification in New Jersey
Today, with zealous legal counsel, decent household income (you cannot be unemployed or have no income) and enough persistence, our office can get you a great mortgage modification without the need to file a bankruptcy. In the past, starting in 2012, most mortgage modifications came through the filing of a Chapter 13 bankruptcy and participation in the bankruptcy court’s “loss mitigation” program to get a mortgage modification. Provided that a Sheriff Sale is not imminent, there is no need to file a bankruptcy to get a loan modification.
A Moving Target
The guidelines for each bank’s loan modification programs change at least weekly. Our office stays on top of these changes to best advise you. Unless you make mortgage modifications your full-time job, you are not going to get great results, or any results for that matter.
Don’t Go It Alone
Your bank may tell you that you do not need to retain an attorney to get a modification. Of course they say go it alone. You need to think of your bank as an adversary, and a cold, unflinching, uncaring one at that. Without an attorney, you will not know if you can qualify for a modification, and once you get one, if it is the best modification possible based on the loan that you have.
Don’t Hire Anyone You Cannot Meet With In Person (If it sounds too good to be true)
There is an awful lot of marketing money out there peddling on fear and the false hope of a loan mod. Believe none of it. Regulations in states such as California, Florida, and Arizona allow companies to masquerade as law firms promising to offer services to modify your mortgage. Also, be wary of any company soliciting you by direct mail promising to modify your loan. Most of this direct mail would not meet the standards for attorney advertising in New Jersey. Examples of this direct mail include correspondence that looks like official government mail regarding your mortgage with only a toll-free number to call. Throw it all away and come in to talk to me.
Already Have a Loan Mod?
If you got a loan modification but feel that the terms are not great, come in and see us. We can evaluate if you can get a better modification than the one you currently are in.