Union City, NJ Loan Modification Lawyers

In today’s tough economy, it’s easy to fall behind on your mortgage payments, especially if they’ve gone up recently due to rising interest rates or new fees, or even if you just find your budget tighter due to inflation or other unexpected life costs. Our experienced Union City loan modification lawyers can help you modify your home loan so you don’t risk foreclosure! We’ll ensure that you get the most favorable terms, and we’ll handle all of the paperwork for you so you can focus on achieving your financial goals. Call our firm today to schedule a free consultation and learn more!

How A Loan Modification Can Help You

A loan modification directly changes the conditions of your current home loan. Securing a loan modification has numerous benefits for homeowners, including:

• Lowering monthly payments
• Lowering the principal amount on your mortgage
• Lowering your current interest rate
• Converting from a variable to a fixed interest rate
• Increasing the amount of time you have to make payments or pay off your mortgage
• Eliminating late fees
• And more. 

Some people get confused on the difference between refinancing and loan modifications – refinancing essentially pays off your current mortgage and replaces it with a new one, while modifying your loan changes your existing situation. If you’re on top of your mortgage but just looking for a way to get more financial wiggle room, refinancing may be for you; if you’re behind and struggling to make payments, a loan modification is likely the better option. Our Union City loan modification lawyers can explain if this move is right for you! 

How Our Union City Loan Modification Lawyers Can Help You

Getting a loan modification isn’t easy – it’s actually quite a complex and involved undertaking, and it requires a bit of persuasive work. That’s because lenders don’t have any legal or financial obligation to accept your request to modify your loan. Usually, if you can show hardship, you can qualify according to their standards (but every lender has different standards and offerings). You have to submit a lengthy application to your servicer and include documents to support your request, such as pay stubs and bank accounts and other sensitive information. Any mistakes could increase your chances at being denied. 

That’s why it is in your best interests to work with knowledgeable loan modification attorneys! At our firm, we’ll take the time to get a thorough understanding of your financial circumstances, and we’ll also take the time to make sure you understand your legal rights and options. We will take care of the application and of gathering all necessary documentation for you. We know how to present your case in such a way that you are more likely to be approved. If you are already facing foreclosure due to missing mortgage payments, our lawyers can also fight on your behalf to save your home.

Beware Of Scams! 

While you are not legally required to have legal representation in order to apply for a loan modification (although it can make the process much easier and quicker!), you should be wary of any other party or company who offers loan modification help. In New Jersey, you have to be registered as a Debt Adjuster or an exempt entity in order to act on behalf of someone else obtaining a loan modification. There are many scammers out there, and a law firm who is held accountable by a bar is the most trustworthy option for assistance. 

Trust The Law Offices Of Patel & Cardenas

Let our Union City loan modification lawyers save you time, money, and stress and ultimately protect your home and your financial future. At The Law Offices of Patel & Cardenas, we have over 30 years of collective experience on our team. We have a diverse legal background in estate law, foreclosure law, bankruptcy law, litigation, and more, which means we are well-equipped to give you strategic legal advice on any issues that may arise with your home loan. We are licensed in New Jersey and New York (in case you have multiple properties or your loan modification crosses state lines); we also have a vast network of realtors, investors, and mortgage brokers we can connect you with, and we aren’t afraid to stand up for you in court if your rights are violated! Don’t wait and fall more behind. Call now to book your free consult and get started!