What Is the Mortgage Loan Modification Process?

You may not have thought about talking to a bankruptcy lawyer as you seek a mortgage loan modification. However, remember that a bankruptcy attorney's main goal for clients is debt relief. For some mortgage holders, a mortgage loan modification provides needed debt relief by reducing monthly mortgage payment obligations.

  • If your mortgage has become unmanageable, you may be able to secure a loan modification. A lawyer can help you determine your options, explore available programs and establish your eligibility.
  • An important first step is to check your mortgage terms. Is it possible to get an interest reduction? The answer may depend on your income.
  • Once you have scheduled a free initial consultation at William H. Oliver, Jr. & Associates gather your pay stubs or other proof of income for the last few months and bring them along to facilitate a discussion. Our law firm can help you through the process of applying for a mortgage loan modification and advise you on what to do while you wait for a response.

If you eliminate a second mortgage or if your mortgage loan rate is lowered even by one or two points, you may save several hundred dollars a month on payments. For some property owners, this is enough to make the difference between affordability and unmanageable mortgage payments.

Bankruptcy And Mortgage Loan Modification

Sometimes, mortgage loan modifications are carried out in conjunction with a bankruptcy. This can be to your advantage, as actions of your mortgage lender will be monitored by the bankruptcy court in this case.

Furthermore, aspects of a bankruptcy such as lien stripping or cramming down of a second mortgage can have the same result as a loan modification: lower payments.

Free Attorney Consultation

William H. Oliver, Jr. & Associates in Monmouth County can supply you with a personalized answer to your question of "What is the mortgage loan modification process?" With offices in Toms River and Neptune, our New Jersey bankruptcy attorney is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call toll free: 866-974-1136 or fill out our contact form. Hablamos español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.