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Loan Modification

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A loan modification modifies the terms of an existing loan. This is not refinancing. The goal is to make payments more affordable or to allow a borrower who has fallen behind on his or her mortgage to catch up. If you are in imminent danger of losing your home to foreclosure, it is better to start the process as soon as possible. The terms commonly modified are the interest rate and sometimes the length of the loan. Debt forgiveness is rarely given to adjust a mortgage.

Make sure to use a trusted source for your loan modification and that they are authorized to modify your loan. If they cannot tell you if you would qualify or not prior to submitting your paperwork they probably are not qualified to work on your modification. They should be able to explain your debt-to-income ratio and what that means for the likelihood of modification. If you do not make enough money to pay your mortgage, speak with an attorney to go over all of your options.

Be Aware of Loan Modification Scams in NJ

The State of NJ has a webpage related to Warning Regarding Mortgage Loan Modification Activity . 

In New Jersey an entity needs to be registered as a Debt Adjuster under the NJ Debt adjuster act or an exempt entity.

  1. An attorney-at-law of this State who is not principally engaged as a debt adjuster;
  2. A person who is a regular, full-time employee of a debtor, and who acts as an adjuster of his employer’s debts;
  3. A person acting pursuant to any order or judgment of court, or pursuant to authority conferred by any law of this State or the United States; 
  4. A person who is a creditor of the debtor, or an agent of one or more creditors of the debtor, and whose services in adjusting the debtor’s debts are rendered without cost to the debtor; or 
  5. A person who, at the request of a debtor, arranges for or makes a loan to the debtor, and who, at the authorization of the debtor, acts as an adjuster of the debtor’s debts in the disbursement of the proceeds of the loan, without compensation for the services rendered in adjusting those debts.

If the person asking to modify your loan does not fall in the above categories, you are most likely being scammed in New Jersey.

Be Aware of Loan Modification Scams in NY

In New York, the Attorney General has a Loan Modification Scam Online Complaint Form.

Since 2009, the New York Attorney general has been investigating Foreclosure Rescue Scams. If you feel that you are not being leveled with, beware.

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Very pleased with the level of care and attention in dealing with this law firm. They were always quick to respond and patient with a very impatient first time home buyer! Robert Ranalli was my attorney and I would recommend for any legal needs.

Nashir M.

I had the pleasure of working with Veer Patel and staff for several months and could not have been more pleased with the attention, care, and professionalism of everyone at the firm. Really good experience and would definitely recommend!

Brian R.

Law Offices of Patel & Cardenas
Law Offices of Patel & Cardenas
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Mario GarzonaMario Garzona
14:15 27 Mar 23
Thank to Patel and Cardanas. They helped us with an extreme amount of litigation with a partition real estate case. It’s allways difficult fighting with family but they navigated all the twists and turns we’re experienced and prepared to deal with it all. The outcome was better than anticipated I would use them and 100 percent recommend then. Thanks too Veer and John for the amazing work
Monica OzMonica Oz
02:29 03 Jan 23
I had a wonderful experience working with Veer Patel. He worked hard for me and got me the best possible result. His fees were reasonable and there were no surprise charges. He was also very compassionate regarding my circumstances. Mr Patel is skillful in explaining complex legal processes in layman's terms. He was always available for me night and day and would always return calls promptly. I would highly recommend him to anyone in need of legal services.
Mustafa PachaMustafa Pacha
22:06 18 Nov 22
A respectable law firm. The attorneys & staff are courteous, prompt with return calls/emails and provide me with exceptional attention. As a first time home buyer, their patience with me was exceptional. Would definitely recommend to anybody who is looking for a real estate lawyer for their next closing
Melissa DuranMelissa Duran
21:19 01 Nov 22
Veer Patel and John Voorhees helped me file a partition against my ex boyfriend in April 2022 and in Nov 2022 I am happy to say my case was settled. I am beyond grateful to have chosen them for my legal battle. They were knowledgeable of the process, hard working, dedicated, and detailed. It was great to work with a team who I knew was fighting hard for me. I 100% recommend working with this law firm and would work with them again.
DhokhadhariNala LaroDhokhadhariNala Laro
00:45 23 Sep 22
True evil exists in this world and you DON'T want to meet it. If you do meet it, you need assistance from people who can fight it, such as this law firm. Mr. Patel and his associates helped me fight evil. That is not an elementary task.I saw a very few 1-star reviews of the firm (some pretty old). As you know, some people who write reviews on Amazon or elsewhere are not reliable reviewers and you cannot take their comments seriously. You decide.Read on if you care about my story (or skip it if you are satisfied that I rated them 5 stars). You will see the depths of evil that exist and what you can do. It may be too big to tackle on your own, so you need some expert help to navigate a way out.You know true evil exists, but you don't think too much about that fact or it would paralyze you. People would rather safely view evil on a fictional crime show, confident that they will never meet it in real life. You have seen evil yourself on television, but, unlike me, you may not have met it in person.I see true evil when I turn on the television and see sworn members of the US government utter completely false statements, assertions demonstrably untrue, but which they assume I will believe. My jaw hangs open at the malevolence of such action, the blatant dishonesty, the disregard for me as a citizen, the insidious diminution of my personal rights, the insatiable hunger for power and control that it exposes.Such people do not walk around enveloped by a cloud of green smoke; you won't realize it, at first, when you have met such a person. Hannah Arendt knew that and described it as the "banality of evil."Meeting evil doesn't have to mean encountering Ted Bundy in a parking lot. Evil can do things other than kill you. They are people with no conscience. Those are the most dangerous foes because they acknowledge no limits.I met such a person and, unfortunately, conducted business with him.He lied to me repeatedly and actively worked to prevent me from finding out the truth. He nimbly worded his sentences to avoid saying the words that would clue me in to the truth. Someone else knew the truth, so he tried to prevent me from talking to her. He even, perversely, tried to verbally prod me into thanking him for his seeming generosity, all the time knowing that he was very far short of generous. He knew what he was doing and did it with the cool efficiency of a member of the Sicherheitsdienst. He has apparently made a profitable career of it.After my lawsuit was filed, he lied frequently and extensively in court filings under oath and falsified evidence to deflect blame from himself, temporarily fooling even my own lawyers. He insisted he was actually the victim and expressed phony outrage that anyone would say he had been lying.It was like seeing one of the pernicious television people I described above, but in real life.True evil. No conscience. Chilling.You should pray you do not meet such a person. You would gasp in horror if I told you from which profession he had retired.Mr. Patel and the lawyers at this firm did some adroit legal work to set things right. The firm provides service in different legal areas, but I can only comment on the case for which I hired them, which is in the litigation area.You don't go to a reconstructive plastic surgeon to put 4 stitches into a laceration your son got on his leg sliding into base in Little League. Your insurance company would tell you it is a waste to use such an expert--a resident in the ER can do it instead. Similarly, you probably don't use these lawyers for a routine house closing. That would be a waste.You use these lawyers for complicated work.Mine was a complicated case requiring legal research and artful construction of court filings and we got a good result. That is why I recommend them.
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