Brenner Spiller & Archer

Forbearance & Loan Modification in Camden County NJ

Forbearance & Loan Modification in Camden County NJ

COVID-19 has upset the order of everything in society. In the United States, we’re facing a level of change and ambiguity we’ve never seen before.

You might be struggling to make money because your hours and paycheck have been diminished. You might be furloughed or have even lost your job entirely. So, what do you do now if you’re struggling to pay your mortgage?

The Problem With Mortgage Forbearance

Forbearance could allow you to make lower mortgage payments or potentially suspend your payments completely. However, you’ll still have to pay back the money you owe eventually.

Here are a few more potential problems with mortgage forbearance:

  • You might have to make your payments in a large lump sum, which can be financially crippling.
  • Your payments might be lower, but you might not be able to afford standard payments once forbearance is over.
  • You might not be able to refinance your home for at least 12 months after the end of your forbearance.

Ultimately, these issues make forbearance only a band-aid solution that won’t help you long-term. If you’re hesitant to try getting a forbearance and you’re not in a position to file Chapter 13 bankruptcy at this time, your best opportunity may be a loan modification.

How You Can Modify Your Mortgage or Loan

A loan modification would stop foreclosure and alter the terms of your mortgage. Our bankruptcy attorneys can help you establish if a loan modification is a good option for your situation.

You may be able to modify your loan by:

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

Get Help From Our New Jersey Mortgage Modification Lawyers

If you’re behind on your mortgage and are 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.

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 negotiating with 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.

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Our law firm serves clients throughout Central and South Jersey in these New Jersey counties: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hunterdon, Mercer, Middlesex, Monmouth, Ocean, Salem, and Somerset.