If you are experiencing difficulty making your mortgage payments, a NJ loan modification might be the answer. Years ago, if you were behind in your mortgage the only question was whether or not you could bring it current. If not, you were facing a foreclosure.
Since 2008, with the banking and mortgage crisis, there has been an ever increasing area of practice that includes foreclosure defense and loan modification.
Loan modification is available to anyone, but various programs are targeted to different situations. I will focus on the process here, regardless of which program you might be best suited for.
The most important thing to remember if you have fallen behind in your mortgage is that you still have a chance to obtain a modification, even if you haven’t paid in years. In the vast majority of cases, the bank or lender does not want your home. They already have a large backlog of homes in inventory and would prefer to work out some resolution of your mortgage that does not involve them taking title and possession of your home.
Despite the abrupt and often rude agents you might encounter when dealing with your lender, once your case gets into the right hands both on your end and at the bank, a modification is possible. The key here is to find an attorney who is experienced in loan modifications.