Loan Modification Lawyers in Burlington County, NJ
What are Loan Modifications?
Loan modification may be a tempting option for people who are struggling to pay their mortgage. In a loan modification, you develop an agreement with your lender or through a government program that alters the terms of your mortgage. It may surprise you that creditors are open to this idea, but the reason makes sense: Although they will be receiving less money and interest with a modified loan, they save the cost of foreclosure and start getting paid much more quickly.
The Pitfalls of Loan Modifications
Although this sounds like a great option, most people are not successful in securing a loan modification. Creditors may agree to consider your loan modification, but they are not legally required to accept the modifications. The Home Affordable Modification Program (HAMP) was passed during the mortgage crisis to help the many Americans facing home foreclosure. Unfortunately, HAMP merely suggests that the debtor should not be subject to foreclosure; it does not legally prevent a foreclosure from occurring.
It is also worth noting that although a mortgage modification may help you manage payments for your home, it does not relieve other types of debt. If you are suffering from other debts, such as medical bills or credit card debt, it may be in your best interest to declare bankruptcy instead.
If you are considering loan modification as a solution to mortgage debt or unreasonable mortgage payments, it is important that you are cautious and seek the counsel of an expert NJ bankruptcy attorney. Many loan modification companies are scams, and you should never pay one of these companies before obtaining results. The talented NJ bankruptcy lawyers at McDowell Posternock Apell & Detrick, PC can advise you about mortgage modification and present you with the other available options.
Why should I seek help from a bankruptcy attorney for my loan modification?
- Many loan modification companies are scams; they can be fraudulent and illegal.
- A bankruptcy lawyer can ensure that all laws are followed and you get the most out of a potential loan modification.
- Creditors are not legally required to accept your loan modification, but a bankruptcy lawyer can help you prepare the best possible modification contract.
- You can fully explore all the options for catching up on your mortgage loan debt or adjusting your monthly payments.
Seek bankruptcy advice with a free phone consultation
At McDowell Posternock Apell & Detrick, PC we know that you will do anything possible to protect your home. This is exactly why you should be cautious and well aware of all your available options. Call the South Jersey bankruptcy attorneys at MPAD Law today or fill out the contact form to learn the best way for you to avoid foreclosure and repair your mortgage debt.