Brenner Spiller & Archer

A Loan Modification Could Save Your Home

This is a strange and frightening time. COVID-19 has disrupted everything and brought a level of uncertainty we’ve never seen before. Maybe your hours or salary have been reduced dramatically. You may have even lost your job entirely. How will you pay your mortgage? 

You could try a forbearance, which would defer your payments, but that’s only a band-aid solution that won’t help you long-term. Filing a Chapter 13 bankruptcy could help, but maybe you’re not ready for that option. In this case, the best opportunity may be a loan modification, which may stop foreclosure and alter the terms of your mortgage.

4 Potential Options for Modifying Your Mortgage or Loan

You may be able to modify your loan in a few different ways:

  1. Lowering your interest rate
  2. Extending the term of the mortgage/loan (loan extension)
  3. Placing your arrears at the end of the loan
  4. Reducing the balance due on the mortgage (this is rare)

If you’re behind on your mortgage and facing foreclosure, you have the right to request mediation to deal directly with your mortgage company. However, mortgage companies are rarely looking out for your best interests. The process is frustrating and labor-intensive, but an attorney can take the burden off of your shoulders.

Get Help From Our New Jersey Mortgage Modification Lawyers

Having an experienced, caring attorney on your side can increase your chances. At Brenner Spiller & Archer, our bankruptcy lawyers are skilled and aggressive negotiators who have experience working with mortgage companies, banks, and creditors.

We provide friendly, caring, and affordable legal services. We serve clients throughout central and south Jersey with offices in West Berlin, Mount Holly, Vineland, and Freehold. Due to COVID-19, we are currently meeting with clients virtually.

Call 856-963-5000 Now or Click Here to Schedule Your Free Consultation