New Jersey Loan Modification while in Foreclosure

Jun 5, 2015 | Uncategorized

New Jersey Loan Modification while in Foreclosure

Loan Modification is available both pre-foreclosure and during foreclosure.  Declaring bankruptcy in New Jersey will force a bank to work with you for Loan Modification.  The most widely used mechanism for resolving New Jersey foreclosure actions and New Jersey mortgage loan defaults, with or without bankruptcy, is through loan modification. Due to the foreclosure crises in New Jersey, banks and mortgage companies are more willing to enter into a loan modification, than in years passed.

Loan Modification is mandatory under some conditions for New Jersey Home Owners that qualify.  Even if you do not qualify, there are normally loan modification programs that many banks have that they will use, because at the end of the day they would rather make money when ever possible than lose money through the foreclosure process and possible end up holding on to property that will not make them money.

One government program that some home owners qualify for is HAMP/HARP.

HAMP/HARP Extended so Homeowners get more time to save their homes. 

The Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP), launched in 2009 to help bail out struggling home owners who were faced with foreclosure.  These programs were set to set to end in December of 2015.  They have now been extended to the end of 2016.  For more information on the release of this announcement click here.

HAMP is funded by the Troubled Asset Relief Program (TARP). TARP pays lenders to modify loans of troubled homeowners. Any bank that received funds from TARP are required to participate in the program. This allows homeowners to have more affordable payments. HARP has several provisions that allow borrowers to refinance to a lower-interest rate mortgage, extend the time to repay their home loans, and even in some case forgive part of the loan.

If you are struggling to make your housing payments, contact a New Jersey Foreclosure Defense Lawyer or New York Foreclosure Defense Lawyer today. We will not only see if you qualify for HAMP but will check to see if there are any other options open to you.  We can work with you on a short sale to make sure you are not taken advantage of by either the buyer or the bank.  We can work with you on a payment plan to ensure hiring an attorney does not cause further stress in paying your bills.

As of December 2014, there were over 20,000 homes in New Jersey eligible for Harp that had not applied according to the FHFA website.  In New York State, there are over 18,800 eligible homes.  Contact us to find out how we can save you money and secure your home.

A proper foreclosure defense will encompass a variety of different strategies. In New Jersey, many of these are only likely to be successful with a licensed NJ attorney. Can you really be certain you are providing yourself the best possible defense without a licensed New Jersey Foreclosure Defense attorney? Don’t leave the possibility of saving your home to chance. When you need of a dedicated, aggressive foreclosure defense lawyer in New Jersey, please fill out the online form or call the foreclosure defense attorneys at the Law Office of Patel and Soltis today.  Call (844) 5-DEFENSE – (973) 200-1111

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