I. Mark Cohen Law Group, Mortgage Modification Services NJ
I. OUTSIDE OF BANKRUPTCY
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 bankruptcy. Or, after you have filed a bankruptcy.
Step One. Can Your Mortgage Be Modified?
After a free confidential consultation, the first step that we undertake is determining if you will qualify for a mortgage modification. 95% of the time, there is a modification available for you.
Here are some of the factors that go into determining if your loan can be modified and what the possible terms of your modification will be:
- Determining the investor of your loan
- Is this a Fannie Mae or Freddie Mac mortgage?
- Analyzing all of the recorded mortgage documents
- Reviewing the most recent published guidelines for mortgage modifications for the type of loan in question
- Is a proprietary modification program available from the bank?
- What are the trends with recent mortgage modifications for recent clients, locally, and nationwide?
- Are there mortgage settlements that apply to the mortgage in question?
- Sending out detailed requests for all information and servicing history on your loan to the mortgage company pursuant to the HUD guidelines per RESPA (Real Estate Settlement and Procedures Act) and TILA (Truth in Lending Act)
Step Two. Modification Feasibility Review
Next, we meet to discuss the feasibility of modifying your mortgage. At that time, we will go over our findings in detail with you. At this point, you can make a decision if you want to have us submit a mortgage modification application for you.
Step Three. Preparation and Submission of Mortgage Modification Packet
We know exactly how to present your information in the best light to your mortgage company. We prepare all of the documents necessary for your mortgage modification. There is an art to filling out a modification packet. Every detail can effect how your loan is modified. Once we have the submission packet ready for your mortgage modification, you come in to review it with Jonathan line by line and it is submitted.
Step Four. Review of Proposed Mortgage Modification
You get a modification! If you do, our work still is not complete. We request all of the documents and method of analysis that the bank used to get you your particular modification. Banks make mistakes when calculating loan modifications. If your bank made an error when calculating your modification terms, and the error is not in your favor, then we will appeal your loan modification.
Step Five. Appeal
Were you denied for a mortgage modification even though our research indicated that you had a strong chance of getting one? Then it’s time for us to appeal your loan modification. We will point out to the bank where they made mistakes when they denied the modification. This is the path to a “yes” and a great mortgage modification.
II. MORTGAGE MODIFICATION THROUGH THE BANKRUPTCY COURT’S LOSS MITIGATION PROGRAM
Are you facing an approaching Sheriff’s Sale date? If so, then it may be necessary to file a Chapter 13 Bankruptcy to stop the sale and to put in a mortgage modification under the guidance of the Federal Bankruptcy Court.
In New Jersey, the Federal Bankruptcy Court has a Loss Mitigation Program to streamline mortgage modifications. In order to be eligible for the Loss Mitigation Program a Chapter 13 Bankruptcy must first be filed. Shortly after the bankruptcy is filed, a motion is filed in the bankruptcy court requesting permission to participate in Loss Mitigation. An order authorizing Loss Mitigation is then entered.
The Loss Mitigation program provides a structured procedure to apply for a loan modification. There are many advantages to participating in the Loss Mitigation program. A lawyer and direct contact person are assigned to the file. They are easily accessible by phone or e-mail. This is in stark contrast to sending in the papers for a mortgage modification yourself and getting bounced around the loss mitigation department of a bank with no clear answers. Another tremendous advantage to the Loss Mitigation program is a web portal for us to communicate directly with your bank and submit all necessary documents. This assures that all of the proper paperwork and information needed to process a loan mod is readily available to your lawyer, filled out appropriately, and then submitted to the bank. The portal provides an electronic paper trail to ensure that the mortgage company has in fact received all necessary documents to process a loan modification.
In order to be eligible to participate in the New Jersey Bankruptcy Court Loss Mitigation program, you must be able to make adequate protection payments to your mortgage company during the pendency of the loan modification process. Adequate protection payments are good faith payments to your mortgage company showing that you can afford to make mortgage payments. The New Jersey Federal Bankruptcy Court Loss Mitigation program requires a good faith payment each month of at least 60% of your current principal and interest plus 100% of your required escrow payment.
How do i get a Mortgage Modification?
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. Read More Here on How to get a mortgage modification in New Jersey